Top Overnight News

Brent crude dropped below $100 on a Kyodo report that Iran could reopen the Strait of Hormuz if the US lifted a blockade of its ports. Futures whipsawed. Iran’s Revolutionary Guard said it must negotiate if it’s in the national interest to do so. BBG

Several Asian refiners have been told informally by Saudi Aramco they will soon be able to pick up oil from the Red Sea port of Yanbu. Loadings from Yanbu have been all-but-halted since the East-West pipeline was closed after being attacked by drones launched from Iraq on Sept. 10. BBG

Saudi Arabia spent months rerouting oil across the desert to circumvent the Strait of Hormuz. Now, with its Red Sea bypass route disrupted by attacks, the world’s oil kingpin is having to return to the waterway it was trying to avoid in the first place. Saudi Aramco, the country’s state-controlled oil giant, is loading more oil onto tankers in the Persian Gulf and then taking its chances sending them through the Strait of Hormuz. WSJ

China's Xi Jinping is expected to press US President Donald Trump to halt Taiwan arms sales under a 1982 joint statement during a visit to Washington this week, which he could do at the US National Archives, sources briefed on the matter said. BBG

Alibaba unveiled what it called China’s most powerful AI chip, an accelerator to rival Nvidia and underpin a massive expansion of data center capacity. BBG

Republican lawmakers are ratcheting up pressure on Donald Trump to ban diesel exports as surging prices squeeze American farmers and truckers just weeks ahead of pivotal midterm elections. FT

SoftBank drew more than $20 billion of preliminary demand for what’s shaping up to be one of the biggest junk bond deals ever. BBG

Trump's approval rating fell to 32% - the lowest of his political career - as his fellow Republicans soured on his handling of the cost of living amid the unpopular Iran ‌war. RTRS

US office real estate is entering a new phase as billions in maturing debt force owners and investors to confront losses. Office CMBS delinquencies are near a record 12%, with almost $40 billion of debt maturing this year and next already troubled. BBG