UAE Intercepts Iranian Drone as Oil Tops $93 and Wheat Nears $7.70/Bushel

Iran's Revolutionary Guards launched dozens of drones at the UAE's Al Minhad airbase and continued strikes on US-linked bases in Jordan on Aug 31, a day after the US struck Iranian rocket launchers on Larak Island. The UAE Ministry of Defense said it intercepted one drone over its territorial waters and denied Iranian claims that Al Minhad had been successfully hit. Iranian President Masoud Pezeshkian said Tehran was 'not looking for war' but would 'never sit still in the face of any aggression.' The renewed exchange rattled commodity markets already on edge: Brent crude extended its gains to $93.03/bbl (+1.15% on the day, +37% year-over-year), while global wheat futures climbed toward $751.65/bushel — the highest since February 2023 and up roughly 15% for the month of August alone — as traders weighed the risk that the flare-up derails the Iran-Oman Hormuz corridor deal reached just five days earlier.