Iran Fires Missiles and Drones at Kuwait and UAE Bases Again; Brent Nears $97, Oil's Biggest Weekly Gain Since July

Iran's Artesh military said it struck Ahmad al-Jaber Air Base in Kuwait with missiles and drones on Sep 3, targeting satellite-communications equipment, warehouses and aircraft hangars, and separately hit force-deployment and radar positions at Al Minhad Air Base in the UAE -- retaliation for the US strikes on Iranian territory earlier in the week. Kuwait's military said its air defenses intercepted the incoming missiles and drones with no reported casualties; the UAE did not confirm new damage. Energy markets reacted sharply: Brent crude rose to $96.20/bbl (briefly touching an intraday high near $99.38, its closest approach to triple digits since the crisis reignited), while WTI gained to $91.86/bbl -- leaving oil up more than 7% for the week, its steepest weekly rise since July. Hormuz vessel crossings (excluding container ships) fell to as few as 5 on Tuesday from 23 the prior Wednesday, even as US Energy Secretary Chris Wright said a wartime-record 17 million barrels of crude transited the strait under US military escort on Monday alone. Wheat futures, by contrast, extended their pullback to a one-month low near $7.29/bushel as Black Sea grain-corridor diplomacy continued to offset the renewed Gulf tension.