US-China joint statement after the Trump-Xi visit. Quite interesting that Beijing agreed to the following wording about the Strait of Hormuz. Full statement here:

Strait of Hormuz flows are hovering at ~13-14 million barrels a day (7-day average). That's about the same as the brief peak in July. But with two notable difference: a) Iranian flows are zero (rather than ~2m b/d); b) all flows are fresh loadings, rather than pre-loaded tankers.

The whole U.S. energy industry plus two key businesses associations (the U.S. Chamber of Commerce and the National Association of Manufacturers) have sent a joint letter to President Trump urging him against limits of diesels exports. Unprecedented for a Republican White House.

Rezaee in another interview for state TV today. A few takeaways: -acknowledges that Araghchi communicated with the US via intermediaries at UNGA, indicated that it was deemed appropriate that Araghchi should communicate Iran's terms for reopening the strait. -Reiterates that there are seven conditions (doesn't say explicitly what they are); there will be no negotiations and no reopening of the strait until these conditions are met. -dismisses Trump's UN speech as the words "of a defeated criminal," says that Iran is prepared for US escalation and mentions Kolang/Pickaxe Mt as a potential target (other military officials have done the same in recent days). -urges regional states not to comply with US pressure to cancel Iranian flights, warns of retaliation if they do. -trumpets the capture of a US undersea drone, says the technology is being reverse-engineered and will be sold to foreign customers.

CHART OF THE DAY: Despite a small recovery since June, China has kept its oil purchases in the seaborne market well below pre-war levels. What has changed, however, is *where* Beijing is buying those barrels. My @Opinion column on Chinese oil purchases:

Also today: ➡️Ghalibaf: Diplomacy does not mean capitulation; rather, it is about converting power on the ground into political achievement. ➡️IRGC spokesman: We must determine when and through what course of action our national interests are best served. If our national interests dictate that we fight, then we must fight. If they dictate that we engage in negotiations alongside the fighting, then we must negotiate. ➡️Yahya Rahim Safavi, IRGC general and former military adviser to Ali Khamenei: If the Supreme Leader now deems it in the public interest to give the government a free hand in the negotiations, that represents a significant act of prudent judgment. Whatever Araghchi is negotiating in New York, he appears to have the backing of the security establishment.

COLUMN: Rumor has it that China, a key factor stopping oil prices from going ballistic, is again buying lots of crude. In reality, Beijing is still importing significantly less than before the war started. What’s changing is *where* it’s buying. @Opinion

Iranian state media confirms that Iranian Foreign Minister Abbas Araghchi met with White House envoy Steve Witkoff and other American officials. Tehran says the meeting was at the request of the U.S. side.

BREAKING: President Trump says US and Iranian officials met today for three hours in New York on the sidelines of the UN general assembly. Trump said the meeting was “very productive;” another meeting is “scheduled in the very near future.” No confirmation from Iran yet.

BREAKING: US President Donald Trump says he had discussed a diesel export ban with his “people.” The discussion comes as a growing number of Republican lawmakers are calling for a ban on diesel exports as the key fuel hits record prices.