Can Trump Avoid the Saudi-Houthi War?
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As President Trump and Iran's president head to the UN, we'll look at whether diplomacy could be in the cards. Plus, investors reward Meta's push into agency shopping. And with campaign season heating up, Republicans make big gains in the ad spending war.
This was the first time that we see Republican spending ahead of Democratic spending across all of the Senate races that the Cook Political Report designates as toss-ups.
It's Tuesday, September twenty second. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News: the top headlines and business stories moving your world today.
I think.
All eyes are on President Trump today as he prepares to address the UN General Assembly later this morning. But it's what's happening or not happening off stage that has investors and geopolitical analysts abuzz. It's because we report that Trump is expected to meet with a number of Middle East leaders during his stay in New York, and that Qatari officials are hoping to use the UN gathering to discuss the possibility of resuming peace talks. That analysts have said could reverse a recent rise in oil prices. With more on What to Watch for, I'm joined by Oxford Analytica senior Middle East analyst Laura James. Laura, it is probably telling that even the UN Secretary General has been pouring some cold water on the prospect of any direct peace talks occurring in New York.
And yet, I have to ask, how significant would it be if even indirect meetings are held at this point?
At this point, any kind of advance in negotiations is going to be seen as positive by markets. But I would say the challenge is not really about channels. It's about the bottom lines. And I would say that the indications are that the bottom lines are not shifting on either side. Iran is still not prepared to give up its right to control the Strait of Hormuz. It's not about the money necessarily at this point, it is about out the deterrent provided by that control. and to some extent the bargaining factor and the international legitimacy, those kind of payoffs. Meanwhile, there's absolutely no sign on the US side that this is a point that's up for negotiation now. From the US perspective, the economic pressure campaign is succeeding, the shuttling through the Strait of Hormuz is working, this is not the time to concede to Iran what in fact wasn't offered in June.
And so with those bottom lines so far apart, even Even indirect channels would be less than positive.
Right, Laura, so seemingly no deal in sight there. And meanwhile, we are seeing intensifying fighting between Saudi Arabia and the Houthis. The Saudis have asked for support in that campaign, and yesterday the UK volunteered to help with aerial refueling, saying this was part of efforts to keep oil pathways open. We have reported that the Crown Prince of Saudi Arabia has asked President Trump for support in this war, is there a chance we could see the US drawn into that fight sooner rather than later?
If the Houthi Saudi standoff persists, I think there's a very large chance of the US and more of the region being drawn in as well. To some extent, the UK offer of health is quite symbolic. It's a very time-limited single aeroplane issue. But the fact is that this is another threat to global navigation. The United States, we are informed, was already actually providing significant help to the Saudi.
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