Saudi Arabia issued alerts to its citizens early Saturday amid reports of explosions in the capital Riyadh.

The Directorate of Saudi Civil Defense issued the early-warning alerts after Reuters reported two booms in Riyadh, but the agency later gave the all-clear. It subsequently reported a large plume of smoke and flames visible near the city’s main airport, King Khalid International Airport.

The cause of the smoke and flames was unclear, and Saudi authorities did not immediately respond to CNBC’s request for comment.

The Iran-backed Houthis in Yemen stepped up their attacks on Saudi Arabia in recent weeks and launched a lightning ground offensive around Bab el-Mandeb Strait — a strategically vital oil choke point — seizing Mokha and nearby islands

U.S. President Donald Trump’s administration last week approved the potential $24.3 billion sale of nearly 50 F-35 warplanes to Saudi Arabia, seen as a major boost for the kingdom.

The package, announced on Thursday, includes the sale of 48 of Lockheed Martin’s advanced F-35 jets, plus 49 Pratt & Whitney engines and other parts.

Meanwhile, Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, told MS NOW on Saturday that consultations with Qatari and Pakistani mediators continue and that they have communicated their negotiation conditions to the U.S.

“We are in contact with the Qatari mediator; they have conveyed our conditions for halting the war to Washington, and we are awaiting President Trump’s response to these terms,” Rezaei said. “Our conditions are: An end to the war on all fronts, the release of Iran’s frozen assets, and the lifting of the naval blockade.”

The Iranian official also confirmed that Pakistan’s Interior Minister, Mohsin Naqvi, is set to travel to Tehran for meetings with Iranian officials about finding a way to return to the Memorandum of Understanding signed in June.

MS Now reports that the White House has not yet responded to these claims.

Separately, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with Iranian Foreign Minister Abbas Araghchi.

“DPM/FM stressed the importance of uninterrupted energy supplies and the safe and expeditious passage of ships, particularly given their implications for developing countries and global supply chains,” Pakistan’s foreign ministry said in a post on X.

The two diplomats agreed to meet on the sidelines of the United Nations General Assembly in New York next week, the ministry said.

Reuters quoted a State Department spokesperson as saying on Sept. 11 that a “core delegation from the Iranian regime” would be allowed to attend the meeting in line with the United States’ obligations as the world body’s host country.

‘Hopefully’ nearing the end of the war

Trump said Wednesday that the country is “hopefully” approaching the end of its nearly seven-month war with Iran.

Brent crude oil, the international benchmark, is up 72% since the start of 2026 as the war choked off energy supplies flowing through the Strait of Hormuz between Iran and Oman.

Saudi Arabia has tried to divert its oil exports away from the strait by pumping it through its East-West pipeline to the Red Sea. But a drone attack that Saudi Arabia said originated in Iraq damaged the East-West pipeline on Sept. 11, forcing a shutdown.

Crude prices fell for the third consecutive session Friday to finish the week basically flat, as the market anticipates the closure of Saudi Arabia’s East-West pipeline will not have as big an impact on supplies as originally feared.

U.S. West Texas Intermediate futures fell 1.6% to close at $100.30 per barrel. Brent crude traded 0.9% lower, settling at $103.87.

— CNBC’s Terri Cullen contributed to this report.

Journalists from MS NOW, CNN and Politico were denied access to the White House grounds on Saturday, one day after President Donald Trump said he is banning the three outlets over their coverage of him.

White House reporter Akayla Gardner said MS NOW journalists were blocked from the grounds for the first time Saturday morning.

“Yesterday our journalists were able to stay here working on the White House grounds,” she said. “This was the first action we know of them actually denying us entry into the White House.”

“The White House belongs to the American people and the decisions made inside are funded by our tax dollars,” MS NOW said in a statement. “MS NOW intends to take any and all steps necessary to defend our First Amendment rights and the essential role of independent journalism in our democracy.“

MS NOW said it will “continue to report on the President, the administration, and the issues that impact the American people.”

CNN reported later Saturday that its journalists were denied access to the White House.

“CNN’s mission to report on the U.S. government will continue regardless of any attempts to restrict physical access to the White House and other government buildings, or any other attempts to impede our journalism,” CNN said in a statement. “We have a right under the U.S. Constitution to do our reporting without hindrance or interference from the government and this ban is an illegal assault under that right.”

The news organization reiterated it “stands fully behind our White House team.”

Politico’s editor-in-chief, Jonathan Greenberger, emailed the newsroom: ″A few minutes ago, our colleague Cheyenne Haslett attempted to enter the White House to do her job as a POLITICO reporter. Secret Service denied her entry to the complex and confiscated the pass that allows her access to the White House. We stand by her and all reporters here covering the White House. As we said yesterday, we will vigorously defend our First Amendment rights.”

When asked to respond, the White House referred CNBC to the president’s comments yesterday.

On Friday, Trump said in a Truth Social post that those outlets “shouldn’t be able to constantly write or report FICTION and LIES when they’re covering the President of the United States, the Trump Administration, or the United States of America.”

“Other Fake News Media Outlets to follow,” he added.

Later that day, in the Oval Office, the president said he was imposing the ban in response to “cumulative stories” by the three outlets.

“You get sick of it,” he said.

In 2018, Trump’s White House briefly tried to suspend a CNN reporter’s press pass, and it is currently being sued over an attempted ban of Associated Press journalists from certain spaces.

The AP said on Saturday that it supports the banned media outlets. “No news organization — or person — should be retaliated against by the government over the words they use,” it said in a statement.

The White House Correspondents’ Association called on the Trump administration to immediately restore the journalists’ access, saying the action violates the First Amendment.

“The American people, through a free and independent press, must be able to scrutinize those elected to power, regardless of whether government officials view it favorably,” WHCA president Jacqui Heinrich said in a statement. “That’s why courts have repeatedly held that once the White House provides access to journalists, it cannot deny that access arbitrarily or based on the content of their reporting.”

Trump said Friday that the effort to bar news outlets is worthwhile, even if it does not hold up in court.

“I think it’s good to point it out whether it survives or doesn’t,” Trump said.

Arthur Spitzer, a lawyer for the American Civil Liberties Union, told CNBC that Trump’s move to ban what the president himself has called “the free press” is likely unconstitutional.

“He’s plainly discriminating against them because they don’t like the way they report the news, and the government isn’t supposed to do that,” Spitzer said, referring to Trump. “Certainly, our view is the president cannot control, or try to control, the news by banning outlets from official events because he doesn’t like the way they’re reporting on him.”

Spitzer represents the ACLU in a case related to Trump’s ban of AP journalists from certain government spaces, including the Oval Office and Air Force One.

— CNBC’s Kevin Breuninger and Dan Mangan contributed to this report.

Disclosure: CNBC and MS NOW are divisions of Versant Media.

It could be a good time for investors to lock in attractive income in bonds, although selectivity is key. The Federal Reserve hiked interest rates on Wednesday, bringing the fed funds rate to 3.75% to 4%. It also signaled one more increase by the end of the year. While the 10-year Treasury yield initially moved above 5% after the announcement, it was slightly lower Thursday at around 4.95%. Bond yields move inversely to prices. “I’m not sure we’ve seen the top in yields,” said Brian Rehling, co-head of global fixed income and digital asset strategy at Wells Fargo Investment Institute. “I think the Fed probably has more work to do.” Bond yields, particularly on the 10- and 30-year Treasurys, had already been moving higher prior to the Fed decision, thanks to concerns about inflation, bond supply from artificial intelligence companies and the rising government deficit. Investors seeking total return, which includes price appreciation and income, may want to stick with equities right now since bond yields are expected to move higher, said Rehling. However, income-seeking investors can snap up some solid yields. “If you don’t care as much about the market price movement, and you can pick up 5%-plus yield … in investment grade or high yield [bonds],” he said, “that’s attractive because even if you have some price deterioration, you do have the coupon that cushions your total return.” Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management, also thinks the recent move higher in Treasury yields is a great opportunity for income investors. “That just pushes up overall rates and provides them with a nicer amount of income. And importantly, and as we’ve been saying for our clients, this provides an attractive entry point,” he said. Income opportunities Investment-grade corporate bonds make a lot of sense right now because the economy is expected to continue doing well and corporate fundamentals remain strong, Rehling said. Investors can also add some exposure to high-yield, but they should stick with higher-rated companies since the elevated yields are going to be a drag on the weakest names, he added. He would also stay with shorter-maturity bonds, two years or less — and no more than five years. For its part, the UBS chief investment office sees select opportunities across regions and market segments. “Investors should calibrate both credit risk and duration to their objectives and investment horizons,” wrote Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Financial Services. He suggests investors consider selectively adding duration in high-quality bonds. “Alongside attractive income, these securities have scope for price gains if tighter monetary policy slows growth or reduces longer-term inflation expectations, leading yields to decline” as bond prices rise, he said. Investment-grade corporates offer attractive income at intermediate maturities, while higher-risk credit — such as high-yield and emerging market bonds — should have short-dated exposure, he added. Tax-free yields This is also a good time to buy municipal bonds, said Bernstein’s Palazzolo. Munis are free of federal tax, and, if the holder lives in the state in which the bond is issued, exempt from state taxes as well. “To buy municipals here, yielding the levels that they are, [you are] not only starting with a nice beginning level of income, but even if rates begin to move higher still, you’re protected against that duration because you’re collecting a good amount of income,” he explained. He tends to favor muni portfolios that have a duration of about six years, with nice income and little interest-rate sensitivity. No ‘immediate’ return to 60/40 In addition to income, bonds may also provide ballast in broader portfolio. “Higher starting yields reinforce bonds’ role as a key source of portfolio income, while high-quality bonds can provide valuable diversification if economic growth slows,” Hoffmann-Burchardi at UBS said. Goldman Sachs is wary of the 10-year Treasury right now and doesn’t see an immediate return to a traditional 60/40 portfolio. “We see a case for a return to more ‘normal’ strategic bond allocations but the tactical case for adding long-dated bonds is mixed,” Goldman analyst Christian Mueller-Glissmann said in a note Thursday. Energy bottlenecks and central bank policy will likely drive both bonds and stocks in the near term, with rate relief supporting both but yield increases weighing more on equities. “That said, over longer horizons, higher starting yields should lift optimal bond allocations from the unusually low levels of the past five years towards historical norms,” he wrote.

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