Iran bombs AI bubble

David Llewellyn-Smith

Wednesday 2 September 2026

War headlines today.

US attacks southern Iran with a BB gun.
Iran’s Parliament Speaker Mohammad Bagher Ghalibaf says if Iran can’t export oil, nobody can but admits some is getting through.
Iran welcomed at Shanghai Cooperation Organisation meeting.
War intensifies in Yemen.

Markets are freaking out just a little today as Brent rises strongly and diesel cracks rampage to all-new highs.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.