Trump-Xi summit draws focus as Iran tensions move markets

Stocks and crypto moved higher on Monday while oil prices fell as investors focused on the scheduled Trump-Xi meeting in Washington on September 24. Traders are treating the meeting as the week's main event for trade sentiment and are also watching its possible connection to the Gulf and Iran. Saudi Arabia asked Beijing for help with the Houthis, prompting China to privately urge Tehran to use its influence to restrain the Yemen-based group. Reuters reported the request on September 17, citing three Iranian sources familiar with the matter. The Iran-backed group said it struck sensitive sites in Riyadh on Saturday with missiles and drones and hit an Aramco facility at Yanbu, the Red Sea export hub. Mark Pfeifle, a Republican strategist and former White House national security official, told Al Jazeera that China's role was the development to watch and said China was becoming involved by intervening with Iran over the Houthis. Iran conveyed its conditions for ending the war to Washington through Qatari mediators, security chief Mohsen Rezaei told Al Jazeera on Saturday. The conditions include ending the war on all fronts, unfreezing Iranian funds and lifting the naval blockade. Traders see a chance for diplomacy during UN week, while Saudi shipments are recovering. Shipments through the Strait of Hormuz averaged 2.9 million barrels per day, up from 700,000 bpd in August. West Texas Intermediate traded near $98 a barrel, down about 2.2%, and Brent fell about 2.1% to roughly $102. South Korea's KOSPI rose 1.67% to 7,009.27, the Kosdaq rose 0.99%, Taiwan's TAIEX gained 1.10% and Hong Kong's Hang Seng rose 0.59%. S&P 500 futures rose 0.43%, while Nasdaq 100 futures gained 0.61%. Bitcoin rose 1.29% to about $81,433, and Ethereum climbed close to 3% over 24 hours to $2,663. The overall market rose 0.089%. Traders will assess this week whether the Washington summit produces movement on Iran or whether diplomacy stalls again.