Both sides harden Iran rhetoric on Sunday's Meet the Press: Araghchi says Iran has 'no reason to come back to diplomacy,' UN Amb. Waltz says Trump leaves 'all options on the table'; AAA gasoline $4.48/gal (up from $3.14 a year ago), diesel $6.47/gal, as stock futures prepare to open Sunday evening
What happened
On NBC's Meet the Press with Kristen Welker on Sunday, Sept 27, Iranian Foreign Minister Abbas Araghchi said Iran has 'no reason to come back to diplomacy and engage with this administration once again, because of how they've behaved in the past two years,' while adding he is 'still trying diplomacy because I think we shouldn't miss any chance for peace.' Araghchi said Iran is 'fully prepared' for war to resume 'even if it comes to a doomsday war' after Trump rejected Tehran's proposal to reopen the Strait of Hormuz, though he noted the rejection had not been formally relayed through diplomatic channels and Tehran still wants its frozen assets released and to be able to sell its oil. Appearing earlier on the same program, U.S. Ambassador to the UN Mike Waltz called the Iranian offer 'a pretty cynical attempt to put something on the table that they knew was unacceptable,' and said Trump 'will leave all options on the table to ensure the world is safe from Iran holding the world hostage with a nuclear weapon.' Brent crude ended Friday at $97.61 a barrel and WTI at $92.41, while AAA reported average U.S. gasoline at $4.48 a gallon on Sunday (up from $4.10 a month earlier and $3.14 a year ago) and diesel at $6.47 (up from $5.62 last month and $3.69 a year ago), as stock futures prepared to open Sunday evening.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- U.S. stock index futures (Dow, S&P 500, Nasdaq-100) traded lower into the Sunday evening open on escalation and energy-inflation fears. Oil majors (Exxon, Chevron) benefit from Brent near $98 and a fat geopolitical risk premium, but refiners (Valero, Marathon Petroleum) face margin pressure with pump prices at records. Airlines (United, Delta, American, Southwest) and truckers/shippers (FedEx, UPS, J.B. Hunt, Knight-Swift) face higher jet fuel and record diesel costs. Broad consumer discretionary is exposed via the gasoline price squeeze
- Treasury yields and inflation expectations rise in tandem.