Iran Holds Line as Oil Hovers Near $115

Global energy markets remain tense as Brent crude stays near $115 per barrel. This price point reflects ongoing supply concerns in the Middle East and Ukraine. The high cost of oil persists despite diplomatic efforts to cool the conflict.

President Donald Trump described his current decision as a binary choice. In a Sunday interview, he stated he must decide whether to end the conflict or make a deal. He referenced a potential new operation called Epic Fury. Trump also claimed the United States now controls the Strait of Hormuz. These comments came as speculation grew that new strikes could follow the midterm elections.

Iranian officials maintain that their strategic position has not shifted. Foreign Minister Abbas Araghchi told a televised audience that policies will remain the same regardless of war. He said Washington and Israel have already tried twice without success. Spokesperson Esmaeil Baqaei confirmed that indirect contacts with the US are still active. He noted that messages continue to flow through intermediaries even though direct talks have stalled.

Recent incidents in the region have added to the uncertainty. The UK Maritime Trade Operations center reported that a tanker was hit by an unknown projectile on Friday. The vessel was disabled but the crew was safe. Iran claimed it struck four tankers near the strait on Thursday, though this was not confirmed. Trump suggested Tehran invented these attacks to influence oil prices before the elections.

Regional leaders are attempting to manage the situation. Saudi Defense Minister Khalid bin Salman, Pakistani Army Chief General Asim Munir, and Turkish Intelligence Chief Ibrahim Kalin traveled to Tehran on Monday. They met with Iranian security officials, including Mohsen Rezaei. Saudi Deputy Minister Rayed Krimly said the visit supports de-escalation efforts by Qatar and Pakistan.

Violence continues in Yemen as well. The Saudi-led coalition intercepted a ballistic missile heading toward Riyadh. It also destroyed two launchers in Sanaa. The Houthis claimed their missile hit the international airport. They also said drones struck oil pumping stations. Earlier attacks this month forced Saudi Arabia to delay its major investment conference until 2027.

In Israel, Prime Minister Benjamin Netanyahu warned that Iran might try to disrupt the upcoming elections. He told his people not to test the nation. Defense Minister Israel Katz dismissed reports of a rift with army chief Eyal Zamir. He called the reports entirely baseless. Iran's foreign ministry stated that the election result makes no difference to Tehran.