It is Iran’s turn at the UN with Iran Pres. Pezeshkian taking the stage today. Note that US officials walked out of the UNGA hall ahead of his speech.
In summary, Iranian President Masoud Pezeshkian said Iran needs nuclear energy, not a nuclear bomb, and argued that the nuclear issue cannot be settled on the battlefield. He said Iran has shown a commitment to negotiations, but will not surrender to military pressure. He described Iran’s military posture as defensive and said the country must be strong enough to respond to attacks.
On the Strait of Hormuz, Pezeshkian said Iran cannot allow others to use the waterway to move weapons that would be used against it. He also spoke about the attack on the Minab girls’ school, saying innocent children were killed, and said Iran had not targeted civilian populations. Those are the president’s claims; the supplied remarks do not independently establish responsibility for the attack or the conduct of either side.
At the UN General Assembly yesterday, President Trump defended the U.S.-Iran conflict and said he was considering whether to “annihilate” Iran. He framed this as a major decision, with the alternative being a deal that would let Iran rebuild. He predicted that deal wouldn’t come until after the November midterms, arguing that Tehran is waiting to see how he does in them without realizing he isn’t personally on the ballot. He insisted the two countries would resolve things one way or another.
Diplomacy was also going on in the background. Later that day, Trump said Jared Kushner and special envoy Steve Witkoff had a very good meeting with Iranian officials on the sidelines, and Witkoff described lengthy talks held through mediators.
Analysis: Both presidents left room for a deal, but each paired that opening with a warning. For traders, the immediate question is whether the contacts Trump described produce another meeting and any practical agreement on shipping through Hormuz. Until there is something concrete on that front, the Strait remains a source of uncertainty for oil.
Meanwhile in other geopolicical news, U.S. Secretary of State Marco Rubio said Russia and Ukraine have both expressed interest in a limited ceasefire involving grain and energy. He also said both sides view energy as a strategic objective in the war. That suggests there may be room to negotiate over specific targets and shipments, but interest in a ceasefire is still a step short of an agreement.
Rubio said the U.S. would be open to playing a constructive role. He also discussed the Russia–Ukraine war and the broader U.S.–Russia relationship with Russian Foreign Minister Sergey Lavrov. The question now is whether the two sides can agree on what a limited ceasefire would cover and put it into effect.
Finally, Chinese President Xi Jinping is due to arrive in Washington on Wednesday, with talks with President Donald Trump scheduled for Thursday. The main market question is whether they extend the U.S.–China tariff truce before it expires on November 10. Traders will also watch for progress on rare-earth shipments, U.S. technology export controls, agricultural purchases and Boeing orders. Taiwan and the Iran war are expected to be part of the wider discussion.
For markets, an extension of the truce and concrete trade commitments would reduce uncertainty for companies tied to global supply chains. The key word is concrete: expectations for a broad breakthrough are low, so traders will need to distinguish a specific agreement from a statement that talks were productive.
This article was written by Greg Michalowski at investinglive.com.