Talk of diesel export ban deepens US crude futures’ discount to global benchmark

The Business Times - Sep 25, 2026

Rising freight rates and tight vessel availability have dimmed demand for American oil

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An isolated Netanyahu takes UN stage as he seeks reelection at home
Sep 25, 2026
An isolated Netanyahu takes UN stage as he seeks reelection at home

JERUSALEM — Israeli Prime Minister Benjamin Netanyahu began the year declaring that he stood “shoulder to shoulder” with U.S. President Donald Trump as the two countries launched a war against Iran. But this week, as world leaders gather in New York for the United Nations General Assembly , there are no plans for the two men to be in the same room, or even in the same city. As the war with Iran has dragged on, Trump and Netanyahu have split over how to prosecute it, straining a relationship between the two allies. Netanyahu has also faced global criticism both for Israel’s war in Gaza and settler violence in the occupied West Bank. Instead of a packed itinerary, Netanyahu, who arrived on Thursday, was scheduled to meet only a handful of leaders before giving his speech. The apparent snub underscored how badly the relationship between Trump and the prime minister has fractured. Many in Washington associate Netanyahu with the increasingly unpopular fight with Iran and Trump has labored to avoid the appearance that the Israeli leader forced him into a war that Trump said would be

Wall Street slips as Middle East escalations lifts oil; Trump-Xi talks in focus
Sep 25, 2026
Wall Street slips as Middle East escalations lifts oil; Trump-Xi talks in focus

Wall Street's main indexes dropped on Thursday, with the blue-chip Dow hitting a more than three-month low, as escalating tensions in the Middle East lifted oil prices and Treasury yields while investors monitored a US-China summit. Crude prices shot up $4 a barrel, with Brent futures hitting $107 after Yemen's Houthis said they attacked Saudi military sites in Jazan, days after US and Iran leaders exchanged barbs at the UN General Assembly. The developments stoked inflation concerns, with the yield on the 30-year Treasury bond reaching its highest since 2004. Bond prices move inversely to yields. Technology stocks led declines on the S&P 500, with Nvidia, Broadcom and Microsoft slipping over 1 percent each. Analysts, however, said faith in the AI trade, which powered the Nasdaq to record highs earlier this week, helped limit losses. "People were maybe less willing to chase stocks, but they didn't seem particularly eager to sell them," said Steve Sosnick, chief market analyst at Interactive Brokers. Oracle dropped 5 percent after a report said it sent a "force majeure" notice to protect i

Melania Trump hosts China's first lady for outing watched for diplomacy and style
Sep 25, 2026
Melania Trump hosts China's first lady for outing watched for diplomacy and style

WASHINGTON — Melania Trump and Peng Liyuan on Thursday toured one of the largest Asian art museums in the United States, celebrating cultural ties between the U.S. and China during a high-profile diplomatic visit to Washington. Leaving their husbands behind at the White House, the first ladies visited the Smithsonian's National Museum of Asian Art in a display of soft power that united two figures known for fusing style and diplomacy. It was the first public meeting in nearly a decade between the spouses, one a former fashion model and the other a famed soprano. Crowds had gathered on the sidewalk across from the museum, many waving Chinese and American flags. The groups also held long banners with Chinese text. Inside the museum, the first ladies visited the Peacock Room, a gilded green, blue and gold dining room that was once housed in a London mansion before opening to the public in Washington in 1923. The room was created by American artist James McNeill Whistler. They also saw the “Princess from the Land of Porcelain,” an oil painting by Whistler hanging in the room and featur

CNN, MS NOW and Politico back at White House, hours after judge ordered Trump to lift ban
Sep 25, 2026
CNN, MS NOW and Politico back at White House, hours after judge ordered Trump to lift ban

NEW YORK — Reporters from three news outlets banned from White House by President Donald Trump were back on the grounds Thursday afternoon, hours after a federal judge ordered the administration to reinstate their access. CNN, MS NOW and Politico journalists were allowed back in the latest development in an extraordinary showdown between Trump and media outlets whose coverage he dislikes. It comes during a heavy news cycle with Chinese leader Xi Jinping visiting with Trump and world leaders gathered for the United Nations General Assembly. Also Thursday, the news outlets had asked in a court filing for an immediate hearing to address their inability to access the White House grounds earlier in the day. The filing said a Secret Service agent had confiscated the journalists' credentials. Trump first announced he was banning the outlets Friday, assailing what he called “fake news,” and only later arguing that their reporting was a risk to national security. The outlets argued in a joint lawsuit that the ban was a blatant violation of the First Amendment because it singled them out fo

US 30-year mortgage rates top 7%, highest in Trump presidency
Sep 25, 2026
US 30-year mortgage rates top 7%, highest in Trump presidency

WASHINGTON — U.S. mortgage rates have exceeded 7.0 percent, data showed Thursday, reaching their highest level since Donald Trump returned to the presidency as voters grapple with high costs of living ahead of midterm elections. The popular 30-year fixed-rate mortgage averaged 7.03 percent as of Thursday, a stark uptick from 6.30 percent the same period a year ago. This is the highest average level since January 16 last year, just days before Trump returned to the White House, according to data from mortgage finance giant Freddie Mac. Affordability is a major concern for U.S. voters just weeks before key midterm elections in November. War in the Middle East, which unfolded after U.S.-Israel strikes on Iran in late February, has caused fuel prices to surge as Tehran retaliated by blocking a vital waterway for energy transit. The cost of regular gasoline, which U.S. households rely on, and diesel needed by farmers and truckers have both rocketed — putting pressure on consumers and businesses alike. Higher diesel costs in turn threaten to filter through the world's biggest economy more br

US, Iran discuss phased deal to reopen Hormuz and end US blockade, sources say
Sep 25, 2026
US, Iran discuss phased deal to reopen Hormuz and end US blockade, sources say

U.S. and Iran discuss phased deal to reopen Hormuz and end U.S. blockade, U.S. and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said. The strait has become the central bargaining chip in efforts to end the nearly seven-month U.S.-Iran conflict, with Iran seeking relief from the U.S. blockade that is choking its economy and Washington seeking free passage for ships on the global oil supply route now blocked by Tehran. The talks face a big obstacle as neither side wants to be the first to surrender its leverage, according to comments to Reuters by two Iranian sources, two regional officials and two Western diplomatic sources, but behind Iran's stance is a recognition of the economic cost of prolonged confrontation. A senior Iranian official said the most plausible way to end the impasse would be a phased arrangement, with Iran allowing navigation through Hormuz in return for the U.S. lifting its economic blockade and Tehran pot

Trump welcome to Xi demonstrates 'attraction' to dictators: top Democrat
Sep 25, 2026
Trump welcome to Xi demonstrates 'attraction' to dictators: top Democrat

WASHINGTON — U.S. Senate Majority Leader Chuck Schumer accused President Donald Trump Thursday of being in thrall to authoritarian leaders — pointing to his red-carpet welcome for China's Xi Jinping. "If you're a foreign authoritarian, Trump won't just invite you to visit America, he'll greet you plane-side," Schumer said on the Senate floor. "That's what Trump did, sort of as a supplicant, for Xi yesterday. That's what Trump did for Putin in Alaska last year. This man has an atavistic attraction to dictators, to bad people."

Trump-Xi summit begins with great fanfare but low expectations
Sep 25, 2026
Trump-Xi summit begins with great fanfare but low expectations

WASHINGTON — U.S. President Donald Trump welcomed Chinese President Xi Jinping to the White House on Thursday for a lavish state summit expected to be heavy on symbolism but light on substance, with both leaders keen to showcase stable ties despite a host of thorny issues such as AI, trade, Taiwan and the war with Iran. The subject of Taiwan, perhaps the most difficult, came up during a bilateral meeting in which Xi urged the U.S. to oppose "Taiwan independence," according to a readout from the official Chinese news agency Xinhua shortly after it concluded. The White House did not immediately provide its own readout of the discussion. Xi had been expected to press Trump this week to halt arms sales to Taiwan. Following his visit to China in May, Trump said he was holding in abeyance an arms package to Taiwan worth some $14 billion and called it a "very good negotiating chip." The move left some U.S. allies in Asia and even some of Trump's fellow Republicans concerned that he may be tempted to soften Washington's support for Taipei in exchange for economic wins with China. China has lo

As coding boom fades, computer science grads focus on AI skills in choppy job market
Sep 25, 2026
As coding boom fades, computer science grads focus on AI skills in choppy job market

Computer science student Jack Zemke was getting nowhere despite sending out hundreds of job applications that mostly disappeared into the void — ignored. With his graduation from Tulane University just days away, he was considering moving back in with his parents when he got a break thanks to a group project he had worked on involving an AI-powered search tool. As he touted it at an engineering conference, an employee at a civil engineering firm approached. "We’re not like the most on top of trends, but we know that AI is becoming a big thing," he recalled the man saying. "We need somebody to be essentially an evangelist.” Zemke responded: “I’m your man.” It has been a difficult job market for new graduates, especially in fields like software development where artificial intelligence is shouldering more of the work. While college students majoring in computer science during the recent coding boom were getting job offers without even applying, graduates today in philosophy, art history and ethnic studies majors all have higher employment rates. But as the job market evolves wit

Trump hails 'truly great friendship' with Xi as Chinese leader begins state visit
Sep 25, 2026
Trump hails 'truly great friendship' with Xi as Chinese leader begins state visit

WASHINGTON — President Donald Trump on Thursday hailed the “truly great friendship” he has forged with Xi Jinping as the Chinese leader began his highly anticipated state visit. While Trump has many thorny issues to discuss with the president of America’s biggest economic rival, he focused on his long relationship with Xi as the two gathered with aides for opening remarks before formal talks. “From the time of my first election in 2016, President Xi and I have forged a friendship, a truly great friendship, actually, built on mutual respect and the vital interests of our people,” Trump said. Trump and Xi have no shortage of difficult issues to cover when they sit down for the private discussions. Xi speaks of a ‘healthy’ competition and says Chinese pandas are coming to Atlanta China has resisted the Trump administration's urgings — and economic threats — to use its considerable leverage to prod Iran to agree to U.S. terms to end the nearly seven-month war. Xi wants to see Trump permanently halt arms sales to Taiwan and loosen export restrictions on cutting-edge advance

Starbucks to shutter 250 stores in North America this week in 2nd wave of closings
Sep 25, 2026
Starbucks to shutter 250 stores in North America this week in 2nd wave of closings

Starbucks plans to close 250 North American stores later this week. It is the second big round of store closures under Starbucks Chairman and CEO Brian Niccol , who joined the company in 2024. Last September, Starbucks closed 627 stores in North America and Europe. In a letter to employees, Starbucks Chief Operating Officer Mike Grams said the locations targeted either aren't delivering acceptable financial results or can't provide the kind of experience that Starbucks wants for customers and employees. The company didn't say Thursday which coffeehouses will close or how many are located in the U.S. Starbucks Workers United, which represents workers at the 700 company-owned U.S. Starbucks stores that have voted to unionize , said 20 unionized stores are among the 250 that are closing, or 8% of the total. Starbucks stores have been voting to unionize since late 2021, but the union and the company have yet to reach a labor agreement. Grams said Starbucks is continuing to retrofit its North American coffeehouses to make them cozier and more inviting. The company expects 1,500 stores will be

Xi says US, China reach new trade arrangement during summit with Trump: report
Sep 25, 2026
Xi says US, China reach new trade arrangement during summit with Trump: report

WASHINGTON — Chinese President Xi Jinping said Thursday the United States and China reached a new trade arrangement, according to a report, as he and U.S. President Donald Trump held a summit in Washington to discuss artificial intelligence (AI), trade, security and other key issues. Xinhua News Agency reported that Xi made the remarks during the White House summit, calling the arrangement "good news for industries and people of both countries, as well as the global economy," while noting that a stable economic relationship requires "expanding the list of cooperation and shortening the list of problems." It did not elaborate on the arrangement, but U.S. Treasury Secretary Scott Bessent has told Fox News that Washington and Beijing agreed to extend their trade truce by two months until Jan. 10. During the summit, Trump and Xi also exchanged views on the Korean Peninsula, the situation in the Middle East, and the war between Russia and Ukraine, according to the news outlet. Ahead of the summit, Trump and Xi were expected to touch on North Korea-related issues, as Trump hopes to have a me

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