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Miranda Flores’s husband, Patrick Seamus Mulderrig, was 59 when he was killed in the May 2024 crash in Granite Bay.

Signs Of Fresh Houthi Attack On Saudi Aramco Facilities

Update(1159ET): While very unconfirmed at this early stage, the Houthis have reportedly attacked the Abqaiq oil city in eastern Saudi Arabia this afternoon (local), reports IRNA citing anonymous news sources. Abqaiq is at the heart of of Saudi crude processing, and it has been struck previously in the context of the Saudi-Yemen conflict. However, there have been conflicting reports, with some open-source accounts offering satellite imaging saying there are signs of a large fire at the site:

The smoke plume identified by OSINT sources doesn't seem to originate from the main Abqaiq oil processing facility.

NASA FIRMS confirms the smoke originates from the following coordinates: 25°50'21.3"N 49°13'36.3"E -

Near a processing facility south of the Ayn Dar oil field. pic.twitter.com/bmijACyuhX

— OilPrice.com (@OilandEnergy) September 30, 2026

Aramco Pumping station west of Abqaiq on fire at ~ 0700Z today, with no statements by Houthi terrorists as of now. #KSA 🇸🇦 pic.twitter.com/Xcea3ybROn

— Shin (@hey_itsmyturn) September 30, 2026

No official sources have confirmed a Wednesday attack as of yet.

Early purported images circulating:

🚨🇸🇦 BREAKING:

Reports of rising smoke at the North Ghawar Oil Producing Complex operated by ARAMCO.

North Ghawar is part of Saudi Arabia’s giant Ghawar oil field (the world’s largest conventional oil field), located west of the critical Abqaiq processing complex in the Eastern… pic.twitter.com/srT6mhTl7w

— Mario Nawfal (@MarioNawfal) September 30, 2026 CBC news

*  *  *

At a moment there are widespread reports that Persian Gulf exports are fast recovering, there are simultaneous emerging albeit delayed reports of new tanker attack incidents that happened Tuesday.

On apparent crude transit recovery amid continued deep uncertainty, "For now, that reduces fears of an immediate crude shortage and explains why prices can fall even though talks between the US and Iran have made no clear progress," Simon-Peter Massabni from XS.com says. "The market's main question is whether this faster pace of shipments can be sustained through October."

But the UK's Maritime Trade Operations agency has announced more vessel incidents which looked to have happened on Tuesday. Three distinct incident advisories detailing strikes on vessels within the region. The affected ships included a liquefied natural gas carrier and a crude oil tanker, both of which were reportedly impacted by unidentified projectiles - with little other details known.

via cntraveler

We reported earlier on one of the three assaults, which involved a Very Large Crude Carrier in the Strait of Hormuz getting hit by a drone, after which a fire briefly erupted but was extinguished, and the tanker traversed on, and with no casualties.

In the meantime Islamic Revolutionary Guard Corps (IRGC) spokesman Hossein Mohebbi has proclaimed that there is a "military conflict" in the Strait of Hormuz on a daily basis but that the US is not responding.

"We have been hitting small ships and preventing them from passing for a long time, but America does not respond," Mohebbi told semi-official Fars news agency.

Axios late in the day Tuesday had cited "little progress" in US-Iran indirect talks, with on Wednesday an Al Jazeera correspondent saying that Washington has submitted a counter-proposal to Tehran. Here's more from Axios which basically contradicts much of their own earlier in the week reporting:

Efforts this week by Qatari mediators to broker a diplomatic breakthrough between the U.S. and Iran have made little progress, with neither side willing to budge, according to three sources familiar with the talks. The stalemate bolsters the belief on both sides that a renewed military conflict is becoming more likely. U.S. officials think President Trump could order a return to major combat operations after the midterms.

Iran has hit atleast 3 tankers today crossing the strait of hormuz. One of them an lng tanker!
Largest number of hits in a single day. Us is likely to respond https://t.co/OJ824xqajP pic.twitter.com/1SBfWT1fwA

— Ali (@MerruX) September 30, 2026

On the counter-proposal: "So far, we have no idea what Iranian Foreign Minister Abbas Araghchi received from the US through Qatari mediators," Al Jazeera writes. "But we know he has received a proposal and presented it to the Iranian cabinet, opening it up for discussion."

According to more:

Iranian Foreign Minister Abbas Araghchi presented the U.S. response to President Masoud Pezeshkian at a Cabinet meeting, government spokesperson Fatemeh Mohajerani told the state-run IRNA news agency.

"We will make every effort to bring the agreement to fruition and will firmly stand up for the rights of the Iranian people," Pezeshkian said. "The agreement must now be based on a win-win strategy."

Some additional, though scant details:

Iranian Foreign Minister Abbas Araghchi received U.S. feedback via Qatari mediators in Doha on Tuesday on a seven-day plan aimed at building trust between Washington and Tehran, with sequencing the main sticking point, Reuters reported. Reuters said the Qatari mediators conveyed the feedback they had received from Washington on Monday, meeting Araghchi and his team on their way back from the United States.

President Trump had over last weekend made clear he he was rejecting Iran's initial proposal for a 7-day ceasefire plan and roadmap to peace. But clearly there's still some important messaging taking place via Qatar, and now that the Iranian officials who traveled to New York for the UN General Assembly are back in Tehran.

Qatar also feeling deep economic pain:

🇶🇦 Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani called the war on Iran one of the biggest crises in Qatar's history, telling Piers Morgan that LNG exports through Hormuz are "barely happening."

He was asked about a reported $24 billion in lost gas sales, an IMF… pic.twitter.com/wdpSmIv4WB

— Drop Site (@DropSiteNews) September 29, 2026

Al Jazeera has some solid commentary from a regional watcher on the big picture and where things stand, also as the Iranian economy is obviously taking big hits:

The United States and Iran are under intense pressure to end the conflict with Tehran’s economy reeling from expanding US sanctions and President Trump looking for a political victory ahead of midterm elections in November, an analyst says.

“Both sides are suffering pressure,” said Luciano Zaccara, an adjunct associate professor at Georgetown University in Qatar.

“Iran needs to get something in exchange for lifting the blockade [of the Strait of Hormuz]. They need the release of sanctions, they need to get money or else the economy will be totally devastated.”

The US, meanwhile, needs to “get out of this mess” in a way in which Trump can plausibly claim to have “won something”, added Zaccara.

The alarming alternative, which could be unleashed at any moment, is that either side could attempt to further bomb their way out of the standoff while seeking to impose new red lines toward getting what they want.

More Latest Developments

via Newsquawk...

• The Iranian government spokesperson said Foreign Minister Araghchi presented President Pezeshkian with a US proposal following his New York trip, which included discussions on Iran’s conditions for reopening the Strait of Hormuz, IRNA reported. This followed a Reuters report, which also highlighted that the main dispute between the US and Iran does not concern the components of the plan itself, but rather the order of operations and the stages of implementation of the seven-day framework.
• US White House is reportedly tempering expectations of an imminent breakthrough between US-Iran, Semafor reported, with a source suggesting that "the bar is being raised very high."
• A senior source said mediators are working to return negotiations to a broader track that includes the nuclear issue, Al Hadath reported.
• US-Iran talks and efforts by mediators this week yielded little progress, raising the odds of renewed combat, while Qatar will continue efforts despite growing frustrations with both sides, according to Axios.
• IRGC aerospace advisor said Iran can sustain current missile firing rates for years and the era of attacks without response is over.
• UKMTO said that a crude oil tanker was struck on the port side by an unknown projectile in the Strait of Hormuz on September 29th. Following this, UKMTO separately reported that an LNG tanker was struck by an unknown projectile on September 29th within the Strait of Hormuz.
• An incident was reported on a plane flying from Dubai to Tel Aviv, with recent reporting suggesting that the incident was a terrorist attack, Al Jazeera reported. The report suggested that the co-pilot who stabbed the other pilot was of Omani origin.

Tyler Durden Wed, 09/30/2026 - 11:59

Four California high school girls posted a TikTok meme of themselves posing in blackface within the walls of an African-American studies room, forcing their school to enforce consequences.

It's a must-see for Star Wars fans — and art lovers, too.

The Federal Reserve’s preferred inflation gauge in August came in cooler than expected -- likely delaying another interest-rate hike until December.

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"If there's a diaper company out there for grown people, I'm down for it," she proudly said.

Bank of Korea To Buy 1 Ton Of Gold In First Purchase Since 2013

Add South Korea to the list of countries taking tentative steps to hedge their exposure to the US dollar, and fiat in general.

The Bank of Korea will buy approximately one ton of domestically produced gold in December, worth 200 billion won, according to the office of Rep. Chung Tae-ho of the Democratic Party of Korea, a member of the National Assembly's Strategy and Finance Committee, on the 30th.

The move, which follows indirect investment through ETFs in the second quarter, signals a more active push into gold and marks the central bank's first physical gold purchase in 13 years. The first transaction is scheduled for December 14, after the bank establishes the system needed for domestic gold trading, Seoul Daily reported.

In materials submitted to Chung's office, the BOK said the necessary systems are expected to be in place around Dec. 14, allowing the first transaction to take place at that time. The central bank estimated the planned volume at around one ton. One ton of gold is valued at roughly 200 billion won ($140 million).

The Bank of Korea held 104.4 tons of physical gold as of the end of August, valued at $14.88 billion and representing 3.4% of foreign exchange reserves. One ton adds less than 1% to that position.

The BOK halted gold purchases in February 2013. It had ramped up gold investment until then, only to face fierce criticism from politicians when prices fell. But with geopolitical risks mounting and interest in gold as a safe-haven asset growing, and amid criticism that the BOK's gold holdings were smaller than those of other central banks, the bank decided this year to expand its reserves. It officially announced in August that it would resume buying physical gold. In the second quarter, it had already purchased $250 million worth of gold ETFs, which are classified as securities.

The most likely approach for the physical purchases is to buy volumes that domestic gold producers had planned to export. The arrangement is significant because it secures a channel for buying gold in won rather than foreign currency. That allows the BOK to build up safe-haven assets without dollar outflows, minimizing volatility in the domestic foreign exchange market. The Korea Exchange recently overhauled the trading, custody and settlement systems of its KRX gold market to support the BOK's purchases.

Chung said the BOK's decision to resume physical gold purchases after 13 years is a meaningful first step toward diversifying the country's foreign exchange reserve portfolio.

What makes the purchase notable is the resumption itself. As Binance notes, a central bank that has not bought physical gold since 2013 building the infrastructure to do so signals an intent to continue, and the report describes establishing a system rather than executing a one-off trade.

Confirming an August report from Reuters, the purchase is expected to cover gold that domestic producers had originally planned to export. That will allow the central bank to pay in Korean won without drawing on foreign exchange reserves.

The distinction matters for how the transaction affects Korea's external position. A conventional gold purchase converts foreign currency into bullion, changing the composition of reserves without altering their total. Buying domestic production with won adds to reserves without spending any.

It also keeps gold inside Korea that would otherwise have left, which has a marginal effect on the country's trade flows.

The Bank of Korea began indirect gold investment in the second quarter of this year, purchasing $250 million worth of gold ETFs.

That sequence is informative. ETF exposure gives price participation without custody, storage or the operational work of handling physical metal. Moving from ETFs to bullion after two quarters suggests the earlier position was a preliminary step rather than the intended endpoint.

The BOK's gold holdings fall far short of those in major economies. As of the end of August, the central bank held 104.4 tons of physical gold, worth $4.79 billion on a book value basis. That accounts for just 1.1% of total foreign exchange reserves, or about 3.4% at market prices. The BOK ranks 39th in the world in gold holdings, according to the latest data from the World Gold Council.

China's central bank has been the more visible buyer, adding 650,000 ounces in a recent month - its largest since 2023 - across 22 consecutive months of purchases.

Central bank gold demand has been a persistent bid through a period when the metal has fallen sharply on rate expectations. Gold traded near $4,144 on September 28, roughly 25% below January's record of $5,600, and posted three consecutive weekly declines through mid-September.

That divergence is the thing to watch. Official sector buying has continued while investor flows moved the other way, and a central bank starting a programme at these levels is buying into weakness rather than strength.
Fiscal Concerns Are the Stated Driver Elsewhere

The broader argument for central bank gold accumulation has shifted toward sovereign risk.

Chicago-based Strategic Analytics put it directly: "Since 2022, gold has increasingly tracked fiscal-risk perceptions – term premium, deficits, debt sustainability – rather than the Fed's policy path."

That framing sits alongside a bond market setting extremes. The 30-year Treasury yield crossed 5.6% on Tuesday, its highest since June 2002, and the 10-year reached a fresh 2007 high near 5.3%, with analysts including 10x Research's Markus Thielen forecasting 6%.

Tyler Durden Wed, 09/30/2026 - 11:40

Professor Tadhg O'Keeffe found that 70% to 80% of the medieval Roebuck Castle is hidden inside a Victorian building on Dublin's UCD campus.

The dress is identical to the one that the late style icon wore for her secret Georgia wedding weekend.

The dress is identical to the one that the late style icon wore for her secret Georgia wedding weekend.

The pilot who was stabbed by his “terrorist” co-pilot as he tried to take control of a flydubai flight bound for Israel has been identified as Indian national Smit Machchhar.

Timberwolves guard LaMelo Ball's partner Ana Montana was arrested Monday on felony drug charges in North Carolina.

Armed police entered a luxury apartment and arrested a man in his underwear over alleged links to a Mexican drug cartel in Colombia. Fredy Chacon, also known as El Mexicano, is a Mexican national who was handed over to Colombia’s immigration authority after the arrest.

The Fever fans got more than just A'ja Wilson fired up.

Sotheby’s will auction a $450 million collection of Impressionist art on Nov. 18, featuring works by Van Gogh and Cézanne unseen for 50 years.

A hungry bear caused a stir at an Aspen, Colorado, farmers’ market on September 26, after wandering through the stalls to snack on baked goods. Captured on video by bystander Staci Egloff, the animal bypassed the crowd to feast on breads and pastries before climbing a nearby tree, where it eventually fell asleep.

Oil Hits Session High After DOE Shows Lowest Midwest Gasoline Stocks On Record

Oil prices rose to session highs after today's DOE inventory data refuted the latest cheerful API prints from Tuesday afternoon. Instead of the API-reported builds in distillates and gasoline, the DOE said that in the last week both products drew, with a modest increase in Cushing inventories, while crude inventories rose by 922K

API

•     Crude +1.0mm
•     Gasoline +3.0mm
•     Distillates +0.3mm
•     Cushing +0.2mm

DOE

•     Crude +0.922mm
•     Gasoline -1.684mm
•     Distillates -2.251k
•     Cushing +553mm

As Bloomberg notes, that’s a large draw of distillate fuels at 2.25 million barrels, well below the 300,000 barrels increase API saw. The October diesel contract is expiring today, so price action is a little murky, but the most-active contract is holding pretty strong gains near $4.75 a gallon.

Cushing stocks saw another bounce off 'tank bottoms' even as crude inventories saw a modest increase, while product stocks both saw modest draws...

Here' a look at some more of the data:

• PADD 1B gasoline -1,422k
• PADD 1 Distillates -254k
• PADD 3 crude +3,417k
• Refinery utilization -1.5ppt vs est. -0.3ppt
• Refinery crude inputs -554k b/d
• Crude imports -179k b/d
• Crude production +16k b/d

The 922,000 barrel build in commercial crude stockpiles was close to the 1 million barrel increase seen by the API on Tuesday. It compares with a Bloomberg survey of analysts that saw the stockpile shrinking by 710,000 barrels and Bloomberg users’ expectations just before the data were released of a 1 million barrel build.

Stockpiles at Cushing, Oklahoma, rose to the highest since May. At 24 million barrels, inventories are inching further away from the 20-million mark generally seen as the minimum operating level for the storage hub. It’s the second straight week of builds at Cushing. 

Meanwhile, the US Strategic Petroleum Reserve declined by another 785K barrels; SPR stockpiles will continue to draw further throughout the end of the year after the energy department re-offered 40 million barrels of sour oil in a tender. The oil was offered as part of the exchange program, and must be returned in kind between 2027 and 2029. It’s to be seen if the government will be able to attract interest from traders and refiners. The minimum premium has fallen to 7% to 9.5%, compared with as much as 22% earlier this year. A total of 132 million barrels of crude has been taken out of the SPR since late March under a program to release 172 million barrels as part of a relief plan coordinated by the International Energy Agency aimed at lowering energy costs.

That means that the build in commercial crude stockpiles was mostly offset by another 785,000 barrels withdrawn from the SPR. That reduced the overall nationwide crude build to just 137,000 barrels in the week to Sep 25.

Taking a closer look, we find that gasoline stocks in the US Midwest are at the lowest level on record. Overall, the US has the least gasoline on hand since November 2014, with stockpiles falling by 1.68 million barrels. 

On a seasonal basis, PADD2 (Midwest) gasoline has also never been lower. 

Distillate fuel stockpiles in the US also remain at their lowest seasonal levels on record. Stockpiles fell in every single region. Exports, meanwhile, rebounded to 1.5 million barrels a day. While discussion of a US diesel export ban has died down a bit, it hasn’t faded entirely, and a number like this might revitalize some of those conversations.

Linked to that, there was another big drop is US crude processing by refineries. Over the past three weeks, crude consumptions fell by 1.3 million barrels a day. That’s the lowest since May. Rates fell in all regions, with the exception of the Rockies

Imports of Brazilian oil rose to the highest level since November 2024 and the highest level ever for this time of year, with the US importing nearly 500,000 barrels each day last week. While it’s unclear what’s driving the move, one explanation could be that strong American refinery runs are supporting demand for nearby foreign crudes while, at the same time, less Brazilian oil heads to Asia.

At the same time, imports from Canada rose for the second time in three weeks. Shipments from the country remain fairly low at 3.4 million barrels a day, but there was an uptick nonetheless. PADD 2 takes the most Canadian crude out of any region, so the build in Cushing was likely at least partially due to shipments from the North. 

Bloomberg offers another take on falling refining crude processing: Canadian crude delivered via pipeline to both the US Gulf Coast and the Patoka hub are at a contango, a sign of weak demand. On the flip side, WTI at Houston is still in a backwardated structure. That can be partly explained by the light-heavy differential, that currently favors the use of light crude over heavy crudes from places like Canada and Venezuela. 

WTI futures jumped a few cents higher to session high in a knee-jerk reaction to the report. EIA data showed a relatively unexciting US crude stockpile build of roughly 900,000 barrels, but the markets focus is elsewhere this week - namely, diesel. 

 

Tyler Durden Wed, 09/30/2026 - 11:21