Iran’s foreign minister, Abbas Araghchi, has proposed reopening the strategically vital Strait of Hormuz and resuming nuclear talks with the U.S. within seven days if the Trump administration accepts its conditions. The latest offer comes shortly after Iranian President Masoud Pezeshkian delivered a defiant response to President Donald Trump’s “annihilation” threat at the United Nations General Assembly this week, and nearly seven months after the U.S. and Israel launched their war against Tehran. “If certain conditions are met, the Strait of Hormuz will be open at the end of seven days, and talks will be restarted,” Araghchi told reporters on the sidelines of the General Assembly. “The conditions we have asked the U.S. to meet are nothing new, nothing more than what was already in the Islamabad MOU, which was signed by the U.S. president,” he added. The Islamabad Memorandum of Understanding refers to a June ceasefire agreement between the U.S. and Iran that ultimately collapsed in early July. The Trump administration has previously said it will not return to the terms of the June agreement. Oil prices were slightly lower on Friday. International benchmark Brent crude futures with November expiry traded down 1% at $105.56 per barrel, while U.S. West Texas Intermediate futures with November expiry were last seen down 1.8% at $92.94. The subject of the war has been a feature of this week’s U.S.-China summit in Washington. Chinese President Xi Jinping is on a three-day state visit to the U.S., meeting with Trump on issues spanning trade, artificial intelligence, Taiwan and Iran. Trump has sought Beijing’s help pressuring Tehran toward a settlement, after indirect U.S.-Iran talks resumed on the sidelines of the U.N. General Assembly in New York this week. David Perdue, U.S. ambassador to China, said on Friday that Trump has made U.S. interests regarding Iran “very clear” to China in recent weeks, including during his latest meeting with Xi. “Believe me, believe me, much of my personal time and much of President Trump’s time over the last month has been that very topic,” Perdue told Verum’s “Squawk Box” when asked about China’s relationship with Iran. “We made it very clear to them weeks ago that, you know, any help that they would give Iran, whether it would be direct or indirect, whether it would be intelligence or parts or military equipment, was totally unacceptable,” he continued. “Trump made that very clear again yesterday. This is an ongoing drumbeat that we have made very clear to them,” Perdue said. Emergency alerts in Saudi Arabia: Iran’s Pezeshkian said Thursday that it is up to the U.S. to decide whether to end their seven-month war, amid continued missile strikes in the Middle East and a fresh push by China to help broker a peace resolution. “It’s America that must choose whether it wants to end this or not,” Pezeshkian said, responding to a question about whether the war could be over by year-end, in an interview that aired on Fox News. The remarks came as the Houthis fired dozens of missiles and drones at Saudi targets on Friday morning, according to Saudi authorities, who said they intercepted six ballistic missiles. Emergency alerts were issued in Mecca, Jeddah and Yanbu. Saudi Arabia, Turkey and Pakistan planned an urgent meeting of their chiefs of staff to discuss ways to support the kingdom under the Mecca Joint Defense Agreement. Pezeshkian has sought to distance Tehran from the escalation, telling Fox News that “the Houthis are responsible for their own actions” and that Iran is “not at war with Saudi Arabia.” The Houthis, he said, “have their own issues.” Saudi Arabia’s Grand Mufti struck a starkly different tone, telling troops to be ready “to lay down their lives” to fight the Houthis until the group is ousted from power. Vessel transits through the Strait of Hormuz, normally the route for about a fifth of global oil supply, fell to nine, far below peacetime levels, according to preliminary ship-tracking data shown on Friday.

Mortgage rates climbed sharply on Thursday as bond yields jumped, pushing the average 30-year fixed rate to 7.45%, according to Mortgage News Daily. While other sources such as Freddie Mac reported Thursday morning that the rate had just surpassed 7%, that figure represented a weekly average.

Rates increased Thursday morning when Mortgage News Daily conducted its daily survey of brokers and lenders, but as the 10-year Treasury yield climbed further in the afternoon, a second survey showed rates had risen even more. Compared to the previous day, they were up 19 basis points from 7.26%.

“In daily terms, 7% was first breached on September 10th following inflation data that heightened the risk of the Fed rate hike seen last week,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “A mix of Fed commentary, higher oil prices, and stronger economic data have compounded the pressure since then.”

The 30-year fixed fell as low as 5.99% at the end of February but began rising at the start of the conflict with Iran. Rates accelerated again in early September, particularly after the Federal Reserve lifted its benchmark rate. Mortgage rates generally track the yield on the 10-year U.S. Treasury.

This occurs as the housing market continues to grapple with elevated home prices, weak consumer confidence, and a persistently limited supply of affordable homes.

While there were reasons for the morning’s increase, the afternoon bond selloff is perplexing.

“No obvious catalyst. Explanations require concocting narratives and then defending them. There’s no objective, irrefutable way to connect the dots today. Sellers decided to sell… a lot,” said Graham.

Keep watch for signs of stagflation, even if there isn’t a significant slowdown in the economy, according to J.P. Morgan. If oil stays above $100 a barrel over an extended period of time, it risks marking the start of a stagflation period, though economic growth may not necessarily slow down significantly, said James Sullivan, managing director and co-head of global fundamental research at J.P. Morgan, on CNBC’s ” Squawk Box Asia .” “Reasonable levels of economic growth with higher levels of inflation start to trigger this stagflation conversation for the first time really since the 70s,” he added. According to Sullivan, record issuance in the AI industry and more governments running into record-level deficits “will absolutely have an impact on pricing,” especially in an environment of weaker demand. “More and more investors with longer-term views look into the corporate space rather than in the government space,” Sullivan said, noting that there is a mismatch of supply and demand. Moreover, the effects of El Niño and the Middle East conflict are also weighing on the global economic outlook. “One of the reasons why you’ve seen really one of the first coordinated central bank tightening cycles in many many years is triggered by exactly that,” Sullivan said, adding that food and energy prices have been rising. “At the same time that core inflation has been relatively sticky, we don’t necessarily see that environment turning around in the short term,” Sullivan noted.

This site is now part of Versant. By continuing to use this service, you agree to our Terms. You also acknowledge that our updated Privacy Policy applies, including to your existing data. For details on your data rights, click here.

On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. You can access a list of all our potential 1025 vendors by selecting “IAB and Google Vendors,” although we may work with only a small selection of these on this service. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent.

Click “I Accept”, to consent to our use of these Cookies or “Reject All” to reject our use of these Cookies. Click “Manage Choices” to set your preferences. If you previously made choices with respect to Versant’s use of Cookies on this browser and device, you will need to update them. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings. Visit our Cookie Notice and Privacy Policy to learn more.

We will also use other Cookies that are essential or related to our services, including for security and fraud prevention.

Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.

– Your Privacy

– Strictly Necessary

– Save and communicate privacy choices 521 partners can use this special purpose

– Ensure security, prevent and detect fraud, and fix errors 655 partners can use this special purpose

– Deliver and present advertising and content 642 partners can use this special purpose

– Store and/or access information on a device 850 partners can use this purpose

– Personalised advertising and content, advertising and content measurement, audience research and services development 992 partners can use this purpose

– Targeted Advertising

– Content Selection

On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings.

We will also use other Cookies that are essential or related to our services, including for security and fraud prevention. To learn more about some of our vendors, see the IAB and Google Vendors under each purpose. Visit our Cookie Notice and Privacy Policy to learn more.

Always Active

These Cookies and SDKs are required for Service functionality, including security and fraud prevention, and to enable any purchasing capabilities. You can set your browser to block these tracking technologies, but some parts of the site may not function properly.

The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.

Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.

Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.

Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.

– Use limited data to select advertising 791 partners can use this purposeAdvertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).

– Create profiles for personalised advertising 637 partners can use this purposeInformation about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.

– Use profiles to select personalised advertising 640 partners can use this purposeAdvertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.

– Create profiles to personalise content 261 partners can use this purposeInformation about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.

– Use profiles to select personalised content 234 partners can use this purposeContent presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.

– Measure advertising performance 916 partners can use this purposeInformation regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.

– Measure content performance 405 partners can use this purposeInformation regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.

– Understand audiences through statistics or combinations of data from different sources 579 partners can use this purposeReports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).

– Develop and improve services 688 partners can use this purposeInformation about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.

– Use limited data to select content 180 partners can use this purposeContent presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).

These Cookies and SDKs are used to collect data about your browsing habits, use of the Services, your preferences, and your interaction with advertisements across platforms and devices for the purpose of delivering targeted advertising content, both on our Services and on third party sites. Third-party sites and services also use Targeting Cookies to deliver content, including advertisements relevant to your interests on the Services. If you reject these Cookies or SDKs, you will see less relevant advertising.

Data collected under this category through Cookies and SDKs can also be used to select and deliver personalized content, such as news articles and videos.

Consent Leg.Interest

label