Stocks, cryptocurrencies, and equities climbed Monday while oil prices declined as investors positioned for several anticipated developments this week, including a scheduled Trump-Xi meeting in Washington on September 24.
Bitcoin held above $81,000, gaining 1.29% to approximately $81,433, while Ethereum climbed close to 3% over 24 hours to $2,663. Asian equities advanced broadly: South Korea's KOSPI rose 1.67% to 7,009.27, Taiwan's TAIEX gained 1.10%, and Hong Kong's Hang Seng rose 0.59%. S&P 500 futures were up 0.43%, and Nasdaq 100 futures gained 0.61%.
Oil Markets Shift on Iran Dynamics
Crude prices fell sharply, with West Texas Intermediate trading near $98 a barrel, down about 2.2%, while Brent crude slipped about 2.1% to roughly $102. The decline reflects improving regional dynamics: oil shipments through the Strait of Hormuz averaged 2.9 million barrels per day, up sharply from 700,000 barrels per day in August.
China's Role in Iran-Houthi Standoff
The Trump-Xi meeting now carries significance beyond traditional trade concerns. Saudi Arabia has asked Beijing for help with the Houthis, prompting China to privately urge Tehran to use its influence to restrain the Yemen-based group, according to Reuters reporting citing three Iranian sources.
The Iran-backed Houthis conducted strikes on sensitive sites in Riyadh with missiles and drones, and also targeted an Aramco facility at the Red Sea export hub of Yanbu.
Mark Pfeifle, a Republican strategist and former White House national security official, characterized China's involvement as the key development to watch, telling Al Jazeera: "Now, the Saudis have asked the Chinese to intervene with the Iranians and to hold back the Houthis. So, you're seeing for the first time, really, China involving themselves."
Iran conveyed its conditions for ending the war to Washington through Qatari mediators, according to Iranian security chief Mohsen Rezaei. Those terms include ending the war on all fronts, unfreezing Iranian funds, and lifting the naval blockade.
Traders will assess this week whether the Washington summit produces movement on Iran or whether diplomatic efforts stall.
