Iran Declares Policy Constant as Brent Crude Stays Near $115

Global oil prices remained elevated on Monday, with Brent crude trading near $115 a barrel as tensions between the United States and Iran persisted. The stability in pricing comes amid conflicting signals from Washington and Tehran regarding the future of the conflict.

President Donald Trump framed his strategic options in stark terms during a Sunday interview with Fox News. He stated, "I have a decision to make: Do I finish it off, which would be very easy to do, or do I make a deal?" This followed his Friday comment suggesting the U.S. "may do another little Epic Fury," referencing the joint campaign against Iran that began on February 28. Trump also asserted that the U.S. now controls the Strait of Hormuz.

Iranian Foreign Minister Abbas Araghchi responded to these threats during a televised event in Tehran. He said, "Whether there is war or not, our policies remain the same." Araghchi added that Washington and Israel had already attempted two approaches and "will achieve no different outcome." Spokesman Esmaeil Baqaei confirmed that indirect contacts continue, though direct talks appear stalled.

Speculation suggests Trump may order new strikes following the midterm elections scheduled for next Tuesday. The U.S. has deployed a third aircraft carrier group to the region, although diplomatic staffing has been reduced. Energy markets remain sensitive to these developments, particularly as Northern Hemisphere winter approaches and gas demand rises.

Supply concerns intensified on Monday when the U.K. Maritime Trade Operations center reported that a tanker was hit by an unknown projectile in the Strait of Hormuz. The incident disabled the vessel, though the crew was safe. Iran had previously claimed to strike four tankers on Thursday, a claim Trump disputed, accusing Tehran of inventing attacks to influence prices before the U.S. elections.

Regional leaders are actively working to de-escalate the situation. Saudi Defense Minister Khalid bin Salman, Pakistani General Asim Munir, and Turkish intelligence chief Ibrahim Kalin were scheduled to meet with Iranian security chief Mohsen Rezaei in Tehran on Monday. Saudi Deputy Minister Rayed Krimly described the visit as support for mediation efforts by Qatar and Pakistan.

Violence continued in Yemen, where the Saudi-led coalition intercepted a Houthi ballistic missile aimed at Riyadh. The Houthis claimed a missile hit Riyadh's international airport hours after flights resumed. In Israel, Prime Minister Benjamin Netanyahu warned that Iran and its proxies might attack to disrupt the U.S. elections, while Defense Minister Israel Katz dismissed reports of a internal clash with army chief Eyal Zamir as "entirely baseless." Iran's foreign ministry stated that the U.S. election result "makes no difference" to Tehran.