U.S. President Donald Trump has rejected Iran’s proposal to reopen the Strait of Hormuz. Trump spoke to reporters Saturday outside the White House before leaving for a college football game. This week, Iran offered to reopen the strait and resume talks on its nuclear program in seven days if the U.S. lifts its blockade of Iranian ports, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon. Iranian media says the country’s president has left New York after a U.N. gathering. During that event, Iran held hours of indirect talks with the U.S.
France is working on a draft United Nations Security Council resolution backing freedom of navigation in the Strait of Hormuz. A U.N. diplomat speaking on condition of anonymity said Friday the resolution would reaffirm the need to respect freedom of navigation in the strait. Meanwhile, Saudi Arabia's top cleric has urged troops to defend the country against Iran-backed Houthi rebels. The rare statement from the Grand Mufti comes as Saudi oil facilities and cities face escalating attacks.
Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days if the United States lifts its naval blockade, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon. Iran’s foreign minister detailed the proposal to reporters outside the U.N. Security Council on Friday. The deal mirrors the so-called Memorandum of Understanding reached in June, but with an accelerated timetable and would also set a start date for the resumption of nuclear talks with the United States. The earlier agreement quickly collapsed as Iran resumed attacks on shipping in the strait.
A cooldown in oil prices helped release some of the pressure that’s built up on Wall Street, and U.S. stocks closed out their first winning week in the last three. The S&P 500 added 0.5% Friday to pull within 0.7% of its all-time high set last month. The Dow Jones Industrial Average rose 0.9%, and the Nasdaq composite climbed 0.5%. Stocks got a boost after the price of a barrel of Brent oil dropped below $98. That helped Treasury yields ease shortly after the 10-year yield briefly jumped near its highest level since 2007.
Stocks ended a shaky day of trading on Wall Street roughly where they began following a couple sudden reversals. The S&P 500 finished Thursday nearly flat and edged down by less than 0.1% following several turns between losses and gains. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite added less than 0.1%. Stocks have slowed their rally since the S&P 500 climbed to the brink of its all-time high earlier this week as pressure from the bond market has cranked higher. Treasury yields swiveled in the bond market with oil prices before ultimately rising by the end of the day.
Pressure from the U.S. bond market hit a new level on Wall Street after a surprisingly strong report on the economy raised worries about inflation, while oil prices halted their slide. The squeeze caused U.S. stocks to sink Wednesday, and the S&P 500 slid 0.8%. The Dow Jones Industrial Average dropped 0.7%, while the Nasdaq composite fell 1.1% from its all-time high. The yield on the 10-year Treasury jumped to 5.10% and is back to where it was in 2007 after a report said both activity and costs for U.S. businesses are rising at the fastest pace in years.
President Donald Trump made myriad false and misleading claims during his address to the United Nations General Assembly on Tuesday, many of which he has repeated frequently throughout his second term in the White House. They covered topics such as U.S. munitions supply, drug seizures and the economy.
President Donald Trump says U.S. and Iranian officials met for about three hours Tuesday, shortly after he threatened in his address to the U.N. General Assembly that he may “annihilate” the Islamic Republic if a deal isn’t reached soon to end the nearly seven-month war. Trump told reporters about the meeting but offered few details about the talks. Earlier Tuesday, the U.S. president in his address to the world body made the case that he’s shown fortitude while other leaders have equivocated as he defended his decision to start a war with Iran. Trump says he has a “big decision” to make on whether a deal will be made with Iran.
The U.S. stock market held near its record high after oil prices eased again. The S&P 500 edged down a fraction of a point and is sitting just 0.4% below its all-time high set last month. The Dow Jones Industrial Average dropped 0.4%, and the Nasdaq composite added 0.5% to its own record. Stocks had been higher in the morning, when the price for a barrel of Brent crude briefly fell below $98. But oil prices later trimmed their losses, and Brent settled at $99.25 per barrel. Treasury yields held relatively steady in the bond market, as did stock indexes worldwide.
World and business leaders this week will grapple with the urgent costs of climate change. Experts say the rise of artificial intelligence and data centers, which consume a lot of energy, and higher fossil fuel prices due to wars in Iran, Venezuela and Ukraine are changing the conversation as the United Nations General Assembly meets during New York's climate week. The toll from summer's heat waves, wildfires and Nepal's catastrophic flood are also pressing issues. Renewable energy is booming, but climate impacts are accelerating faster than political systems can respond.
