Sept. 17 — WTI (USO) nominal exposure ~21.2548 mln barrels, up 2,000 barrels on the day. Brent (BNO) nominal exposure ~7.37 mln barrels, up 88,000 barrels on the day; Brent exposure has risen for five consecutive sessions.

Volvo Cars CEO: EX60 production ramp-up is proving slightly more difficult than expected.

Analyst Matt Spetalnick points out that a year ago, Trump, speaking at the UN, declared that the US airstrikes on Iranian nuclear facilities "completely destroyed everything" and claimed he brokered a ceasefire between Israel and Iran. Now, returning to the UN, Trump faces even greater skepticism. The months-long US-Iran war, escalating regional instability, and the still-unresolved Iranian nuclear issue have all heightened the unease of world leaders. Despite suffering military and economic damage, Iran refuses to yield and continues to obstruct oil shipments through the Strait of Hormuz. Meanwhile, the Houthi rebels in Yemen are strengthening their control over key Red Sea shipping lanes, giving Iran more leverage and further driving up global energy prices. The Houthi advance has also put Trump in a more difficult position: US ally Saudi Arabia is under attack, and Washington's ability to protect regional partners is being questioned. Most European and Asian allies have also rejected Trump's requests for aid. With high US gasoline prices and Trump's approval ratings under pressure, this conflict, initiated without consultation with allies, could further impact the Republican Party's control of Congress in the November midterm elections. Middle East policy advisor Aaron David Miller stated that this illustrates the potential consequences of a president launching a "selective war" without anticipating unforeseen consequences. Trump is expected to again portray the military operation, initially promised to end within weeks, as a victory at the United Nations, but the reality is a precarious stalemate that has failed to achieve its evolving objectives and has depleted the US missile arsenal. The pressure on Trump has intensified as the Houthi rebels defeated the Saudi-backed Yemeni government forces, gained control of the Red Sea coast, and seized islands near the entrance to the Bab el-Mandeb Strait. The Bab el-Mandeb Strait is a vital shipping route, and control of it gives Iran further leverage to influence global oil supplies. A senior Trump administration official stated that the US will continue to prioritize security interests such as freedom of navigation in the Red Sea, while also encouraging regional partners to play a greater role in addressing regional security issues.