Iran Rejects Unconditional Talks as Shipping Through the Strait of Hormuz Falls to a Low

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Summary:

Iran says it will not negotiate unless its conditions are met; data show daily vessel traffic through the Strait of Hormuz has fallen to single digits...

【Highlights】

1. Iran: No negotiations unless its conditions are met

2. Iran says the Strait of Hormuz is blocked and under “intelligent control”

3. Vance says the US is holding direct talks with the Houthis while engaging Saudi Arabia and other countries affected by the conflict

4. Zelensky says Ukraine is ready to reciprocally halt strikes on Russian energy infrastructure

5. Data show daily vessel traffic through the Strait of Hormuz has fallen to single digits

6. Fed suspends Treasury purchases for reserve management for a second consecutive month

【Details】

Iran: No Negotiations Unless Its Conditions Are Met

Early on September 15 local time, Rezaei, secretary of Iran's Supreme National Security Council, said the public should not be distracted by contradictory signals from the United States, including claims that “Iran will not negotiate” as well as statements that “Iran is ready to negotiate.”

Rezaei said the situation surrounding oil and the Strait of Hormuz had changed. He stressed that Iran would not enter negotiations unless its conditions were met, adding that there was no ambiguity on this point.

Iran Says the Strait of Hormuz Is Blocked and Under “Intelligent Control”

On September 14 local time, the Islamic Revolutionary Guard Corps (IRGC) Navy said in a statement that the supertanker Algaya struck a mine and exploded while attempting to pass through a restricted area south of the Strait of Hormuz.

The vessel caught fire after efforts to extinguish the blaze failed. The IRGC Navy said it had previously warned of the dangers associated with the unauthorized route.

The IRGC Navy explicitly declared that the Strait of Hormuz had been blocked and remained under Iran's “intelligent control.”

Vance Says US Is Holding Direct Talks With Houthis While Engaging Saudi Arabia and Other Countries Affected by the Conflict

US Vice President JD Vance said on Monday that Washington had been holding direct talks with Yemen's Houthi movement as the Iran-backed group continued attacks on Saudi Arabia and expanded its control over areas near the Bab el-Mandeb Strait.

“We have also been communicating directly with the Houthis themselves,” Vance told reporters.

He added that the US government was simultaneously in contact with Saudi Arabia and other countries affected by the conflict.

“We actually think we have the situation under control,” Vance said. “Things are changing rapidly, but we will continue to monitor the situation and make sure that America's core interests are protected.”

Zelensky Says Ukraine Is Ready to Reciprocally Halt Strikes on Russian Energy Infrastructure

Following US President Donald Trump's statement that Russia and Ukraine had agreed to stop attacking each other's energy targets, Ukrainian President Volodymyr Zelensky said in a social media post late on September 14 local time that Ukraine was ready to halt its strikes on Russia if its partners could ensure that Russia would stop attacking Ukrainian energy facilities, infrastructure and food supply routes.

“The war must end,” Zelensky wrote. “De-escalation around critical infrastructure could be the first step toward peace. We expect our partners to put forward concrete proposals.”

Data Show Daily Vessel Traffic Through the Strait of Hormuz Has Fallen to Single Digits

Ship-tracking data showed that daily vessel traffic through the Strait of Hormuz fell to single digits over the weekend, below the 10-day daily average of 14 vessels.

According to vessel-tracking data from September 14, four vessels passed out of the Strait of Hormuz over the weekend, including energy-carrying vessels, while 10 cargo vessels entered the strait.

However, the figures do not include vessels that switched off their automatic identification systems (AIS) while transiting the Strait of Hormuz.

The UK Maritime Trade Operations (UKMTO) also reported that a vessel was struck by an unidentified airborne object while transiting the Strait of Hormuz on September 13. It remains unclear whether the crew or vessel sustained damage.

The Strait of Hormuz is a critical global shipping chokepoint, carrying around one-quarter of the world's seaborne oil trade, as well as substantial volumes of liquefied natural gas and fertilizer shipments.

Before the United States and Israel launched military strikes against Iran on February 28, approximately 125 large commercial vessels passed through the Strait of Hormuz each day, including oil tankers, gas carriers, bulk carriers and container ships.

Fed Suspends Treasury Purchases for Reserve Management for a Second Consecutive Month

The Federal Reserve said on Monday that it would refrain from purchasing US Treasuries for reserve management purposes for a second consecutive month during the upcoming operating period, suggesting that policymakers believe bank reserve levels in the financial system remain adequate.

The New York Fed's Open Market Trading Desk plans to conduct no reserve-management purchases during the monthly period ending October 14. However, it still plans to conduct approximately $15.6 billion in reinvestment purchases during the same period.

The Fed's decision to suspend reserve-management purchases indicates continued confidence in the functioning of money markets. This is also reflected in the Secured Overnight Financing Rate (SOFR), which has remained around or below the Interest on Reserve Balances (IORB) rate for most of the past month.

At the same time, the US Treasury has reduced the supply of Treasury bills ahead of the quarterly tax deadline.

The changes do not signal a shift in the Fed's monetary policy stance or its broader balance-sheet strategy.

【Today’s Events】

14:00 (UTC+8) UK July three-month ILO unemployment rate

17:00 (UTC+8)Eurozone September ZEW Economic Sentiment Index

20:15 (UTC+8) US weekly change in ADP employment for the week ending August 29

20:30 (UTC+8) Canada July wholesale sales, month over month

22:00 (UTC+8) ECB Executive Board Member Piero Cipollone delivers a speech

23:00 (UTC+8) Bank of England Financial Policy Committee member Wilkins delivers a speech

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