On September 18, WTI (USO) nominal exposure was approximately 21.9028 million barrels, an increase of 648,000 barrels in a single day, marking the fourth consecutive day of increase; Brent (BNO) futures open interest was approximately 7.455 million b

German Chancellor Merz said change brings challenges and new uncertainties and that Germany must change.

1. Iran in Focus The core delegation representing Iran at the UN General Assembly, including President Pezechzian and Foreign Minister Araghchi, received visas from the US State Department at the last minute. Barbara Slavin, a distinguished fellow at the Stimson Center in Washington, said Pezechzian is likely to use familiar rhetoric in his UN speech, portraying Iran as a bulwark against “US hegemony and aggression.” Pezechzian is a staunch supporter of a diplomatic solution, but he will be representing the entire regime, so he must be quite assertive. UN summits often serve as a venue for covert diplomacy between Tehran and Washington. Regional officials say senior Iranian officials will meet with counterparts from Oman, Qatar, and other Gulf states, while Trump is scheduled to meet with Gulf Cooperation Council (GCC) leaders on Tuesday, according to Axios. Slavin said there will be many opportunities to convey messages, and progress may be made on the management of the Strait of Hormuz. 2. Israeli-Palestinian Standoff The US State Department refused to issue visas to the Palestinian delegation. Therefore, Palestinian President Abbas will address the UN General Assembly via video for the second consecutive year on Thursday. Richard Goun, director of global issues and institutions at the International Crisis Group, said the Palestinian issue will not be as prominent at this year's UN summit, partly because the Security Council has effectively transferred responsibility for the Gaza Strip to the Peace Committee. This Trump-led body, launched in January, has been working to implement the next phase of a ceasefire in Gaza, which calls for Hamas disarmament, the withdrawal of Israeli troops, and the deployment of an international stabilization force. Goun expects Netanyahu's speech on Thursday to be "highly inflammatory." With Israel's elections on October 27, Netanyahu will be "primarily addressing a domestic audience," and is expected to target the UN, accusing it of bias against Israel.