Crypto News: Oil hopes

Good morning. Oil prices turn lower. Donald Trump heads to the UN General Assembly. And welcome to the best luxury upgrade value in travel: the train. Listen to the day’s top stories.

— Tiago Ramos Alfaro and Harry Black

Market Snapshot
S&P 500 futures	7,837.00	+0.0%
WTI crude oil futures	$93.28	-2.6%
Bitcoin	$85,843.64	-1.3%
Market data as of 06:44 AM ET. Data is subject to provider delays.	Your watchlist

Brent crude dropped back below $100 a barrel as Saudi Arabia sought to resume flows on a vital oil pipeline. Adding to the optimism, a media report said Iran could quickly reopen the Strait of Hormuz if the US lifted its blockade of the nation’s ports.

AI remained a key fault line in US-China relations ahead of President Donald Trump’s summit this week with his Xi Jinping. Trade officials from both sides wrapped a second day of talks ahead of the Chinese premier’s Xi Jinping’s arrival in the US, but tensions linger over a Pentagon blacklist targeting China’s biggest companies and Beijing’s rare-earth dominance.

At the UNGA, Trump is set to make his keynote address this morning with Ukraine and Iran in the spotlight, and meet several world leaders on the sidelines. On Monday, the president and France’s Emmanuel Macron discussed a potential moratorium on deep strikes against energy assets between Ukraine and Russia. And after last year’s snafu — when Trump accused the world body of “sabotage” after his teleprompter failed and an escalator stalled — the UN is keen to avoid another mishap, with officials working overtime to prevent a repeat.

Trump to Sign Deal Tuesday That Leaves Greenland in Danish Hands

And now... The frenemies. Trump and New York City Mayor Zohran Mamdani reinforced their unlikely relationship with a surprise joint appearance to hail a productive face-to-face meeting. Mamdani said the conversation ranged over issues including immigration and federal support for housing development. The two have exchanged barbs in the past but have also found common ground, even after a contentious mayoral campaign where Trump called Mamdani a “Communist Lunatic.”

The family crypto machine. Donald Trump Jr.-backed World Liberty Financial promised an ambitious digital-asset empire. Yet many headline partnerships and products never materialized, even as the venture generated hundreds of millions of dollars for his father and fueled questions over potential conflicts of interest.

The Big Take

People walk past the historic Civic Opera House in downtown Chicago, Illinois.

Six years after the Covid-19 pandemic emptied offices, the bet that time would heal the US commercial real estate market is ending. With higher interest rates now looking increasingly likely, property owners with loans soon maturing face a fresh squeeze.

Big Take Podcast

The Real Costs of the US Iran Blockade

Opinion

Whatever doomsday AI scenario you choose, the road to prevention likely runs through Jensen Huang. But the Nvidia CEO has a $5.4 trillion reason to avoid rules that could slow down the technology, Parmy Olson writes.

One More Opinion

Recep Tayyip Erdogan

The UN Should Abolish the Security Council Veto

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Before You Go

The private room available on Tokaido and Sanyo Shinkansen bullet trains in October.

A first-class train ticket may be one of travel’s best-value upgrades. From Amtrak in the US to high speed rail in Europe and Japan, a relatively modest premium can buy more space, comfort and calm at a fraction of the cost of upgrading on a plane.