Trump's UN Address in Focus as Iran War Nears Seven Months
Trump addresses UNGA as the Iran war nears seven months, with oil markets watching for signs of US-Iran diplomacy.
US President Donald Trump is set to address the United Nations General Assembly on Tuesday, with the conflict with Iran approaching its seventh month and its effects on oil prices, shipping routes and global markets drawing close scrutiny.
Brent crude settled at $100.34 a barrel on Monday before climbing above $102 in early Tuesday trading, as investors weighed the possibility of talks between Washington and Tehran. The market's mood has increasingly turned on whether the conflict shifts toward negotiations.
Hormuz remains the key concern
At the centre of the outlook is the Strait of Hormuz, which carries roughly a fifth of the world's oil supply. Shipments through the waterway have improved in recent days, easing some supply worries, but flows remain below pre-war levels and any fresh disruption could quickly push crude prices higher.
Saudi Arabia has been working to restore alternative export routes after attacks disrupted its East-West pipeline, with the kingdom seeing a partial recovery in shipments — another factor traders are tracking.
Trump has said the military campaign is aimed at addressing Iran's nuclear threat, and his administration has kept pressure on Tehran through military action, sanctions and restrictions on Iranian oil.
Signals on diplomacy
Trump has said he would be open to meeting Iranian President Masoud Pezeshkian in New York, and Secretary of State Marco Rubio has echoed that, saying the president is willing to engage with counterparts because he believes dialogue matters in solving problems, even if agreement does not follow.
Qatar and other mediators have been trying to bridge what Qatari Foreign Ministry spokesperson Majed al-Ansari called a "deep deficit of trust" between Washington and Tehran. "This will end at the negotiating table," he said, adding that the difference between a deal now and one reached later would be measured in lives and destruction.
A crowded diplomatic schedule
Beyond Iran, Trump is expected to meet leaders and senior officials from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates to discuss the war and recent Iran-backed attacks on Saudi Arabia. He is also due to meet British Prime Minister Andy Burnham, Japanese Prime Minister Sanae Takaichi and Venezuela's acting President Delcy Rodríguez.
Ukrainian President Volodymyr Zelensky is also on the schedule as the Russia-Ukraine war continues, and Trump is expected to take part in discussions on a new agreement with Denmark and Greenland that would expand the US military presence there while the territory remains under Danish control.
For investors, the main signals from the UN appearance are likely to centre on Iran, the Strait of Hormuz and the prospect of negotiations. With Brent still near $100, developments this week could set the next direction for energy markets already adjusting to months of disruption.