US Forces Strike Iranian Oil Tankers as Conflict Spreads to Energy Sector

Daily News

Summary:

US forces destroy five Iranian oil tankers; White House releases detailed rules for implementing tariffs on Canadian imports...

【Highlights】

1. US forces destroy five Iranian oil tankers; Iran warns it will target tankers at ports in Kuwait and Bahrain

2. US Treasury imposes new sanctions on Iran’s aviation industry

3. White House releases detailed rules for Canadian tariffs; 50% tariff still applies to goods imported before September 29

4. Trump orders Canadian products removed from US government procurement programs

5. Wall Street focuses on Bessent’s Treasury buyback plans, with analysts saying the amount could reach $10 billion

【Details】

US forces destroy five Iranian oil tankers; Iran warns it will target tankers at ports in Kuwait and Bahrain

The US Central Command said US forces destroyed five Iranian crude oil tankers that day, in response to two separate incidents over the previous two days in which the Islamic Revolutionary Guard Corps (IRGC) targeted US Navy warships with ballistic missiles.

Following the US strikes on multiple Iranian oil tankers, the IRGC issued an urgent warning that it would target tankers docked at all ports in Kuwait and Bahrain. The IRGC said that because the ports host US military forces, crews should immediately evacuate the vessels, regardless of whether the tankers are anchored offshore or berthed in port. The ports would be considered targets for Iranian attacks.

Iranian media outlet Sepahnews, affiliated with the IRGC, later reported that Iran had launched missile attacks against US targets in Jordan. Earlier, the IRGC Navy said in a statement that its forces had successfully captured one of the US military’s most advanced intelligent unmanned submarines at the entrance to the Strait of Hormuz at dawn on Tuesday, following a complex intelligence and military operation. Later that afternoon, the Iranian military said its air defense systems had successfully shot down an intruding MQ-1 unmanned aerial vehicle over Bandar Abbas.

US Treasury imposes new sanctions on Iran’s aviation industry

On September 8 local time, the US Treasury Department announced a new round of sanctions against Iran, targeting 36 entities and individuals, with a particular focus on Iran’s aviation industry and related companies.

The move is part of a broader US effort to increase economic pressure on Iran. The US Treasury said the latest action is intended to further restrict the operations of Mahan Air and expand sanctions to other Iranian airlines.

The sanctions also target several shell companies, foreign intermediaries, and transshipment networks accused of supporting Iran. According to the US, Iran has used these channels to obtain US-origin aircraft and sensitive technology.

White House releases detailed rules for Canadian tariffs; 50% tariff still applies to goods imported before September 29

The White House announced that US President Donald Trump had signed an executive order adjusting the scope of additional tariffs imposed on Canadian motor vehicle-related products. The White House also provided further clarification on the implementation of the previously announced 50% ad valorem tariff.

Under the announcement, products subject to the import restrictions that entered the United States before September 29, 2026, but had not yet completed entry for domestic consumption or been withdrawn from bonded warehouses for domestic use, would still be subject to the 50% tariff rate.

This means that even goods already in inventory cannot avoid the higher tariff rate if customs clearance procedures have not been completed by the deadline. On the same day, the White House also announced that, starting September 29, imports of certain Canadian automobiles and selected Canadian alcoholic beverages would be prohibited, further escalating the US-Canada trade dispute.

Trump orders Canadian products removed from US government procurement programs

US President Donald Trump said he had instructed the General Services Administration (GSA) and the Office of the US Trade Representative (USTR) to take steps to remove Canadian-made products from the GSA’s Multiple Award Schedule, unless Ottawa restores what he described as “full and fair reciprocal treatment” for US farmers and businesses.

An announcement published on the White House website on Tuesday showed that the Trump administration would prohibit imports of certain Canadian alcoholic beverages, motor vehicles, and dairy products starting September 29.

Wall Street focuses on Bessent’s Treasury buyback plans, with analysts saying the amount could reach $10 billion

Wall Street is closely watching the size of the next round of long-term Treasury buybacks to be announced by US Treasury Secretary Scott Bessent, particularly whether the operation will be expanded further and what policy signals it may send regarding US debt management.

Lou Crandall, senior economist at Wrightson ICAP, said a buyback of $5 billion to $6 billion per operation would be reasonable, although a larger operation remains possible. Analysts at Morgan Stanley said financing conditions could cap the size of a single operation at around $10 billion. If the buyback reached that level, quarterly net issuance of Treasuries with maturities of more than 20 years could decline by approximately 55%.

Bloomberg strategist Fagan said a larger-than-expected buyback could be interpreted by the market as a stronger policy signal from the Treasury Department and could push long-term yields lower in the short term. However, the size of the buyback would remain relatively small compared with the overall Treasury market.

Barclays strategists Pradhan and Hu expect the Treasury Department may use open-ended language such as “at least $4 billion” per operation, allowing it to retain flexibility to adjust the size of future buybacks.

Markets will continue to focus on the size and frequency of the buybacks, as well as the Treasury’s longer-term guidance. The 30-year swap spread could provide a more direct indication of how markets are assessing the impact of changes in Treasury supply.

【Today’s Key Events】

20:15 (UTC+8) US ADP weekly change in employment for the week ending August 22

00:00 (UTC+8) EIA releases its Monthly Short-Term Energy Outlook

01:00 (UTC+8) ECB President Christine Lagarde speaks

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