Iran Holds Line as Brent Crude Sticks Near $115

Iranian officials declared on Sunday that their government's strategic positions will not change, even if President Donald Trump orders new military strikes against the country. The statement arrives as global oil markets remain tense, with Brent crude trading near $115 per barrel early Monday morning.

The price stability follows a volatile week in energy markets. Brent prices climbed sharply late last week due to supply concerns linked to conflicts in the Middle East and Ukraine. With the Northern Hemisphere entering winter, demand for heating fuel is expected to rise, adding pressure to already tight supply lines.

President Trump outlined his options in a stark interview on Fox News' Sunday Morning Futures. He said he must decide whether to finish the conflict, a task he described as easy, or to negotiate a deal. On Friday, the president suggested the U.S. might launch another operation called Epic Fury, referencing the joint U.S.-Israeli campaign that began on Feb. 28. He also asserted that the U.S. now controls the Strait of Hormuz.

Speculation is growing that new U.S. strikes could occur after the midterm elections next Tuesday. To prepare for potential operations, a third U.S. aircraft carrier group has been deployed to the region. However, American diplomatic staffing in the area has been reduced, signaling a shift in approach.

In Tehran, Foreign Minister Abbas Araghchi addressed a televised event to reiterate the country's stance. He stated that the prospect of war has not altered the government's thinking, noting that Washington and Israel had already attempted similar tactics twice without success. Foreign Ministry spokesperson Esmaeil Baqaei added that the window for diplomacy remains open. He confirmed that messages are still being relayed to the U.S. through intermediaries, although direct negotiations appear stalled.

Maritime safety concerns intensified on Monday when the U.K. Maritime Trade Operations center reported that a tanker exiting the Strait of Hormuz was hit by an unknown projectile on Friday. The impact disabled the vessel, but the crew was reported safe. Iran had previously claimed to have struck at least four tankers near the strait on Thursday, though those claims lacked independent corroboration. President Trump accused Tehran of fabricating such attacks to inflate oil prices before the midterms.

Regional leaders are moving to de-escalate tensions after eight months of war. Saudi Defense Minister Khalid bin Salman, Pakistani Army Chief General Asim Munir, and Turkish Intelligence Chief Ibrahim Kalin were scheduled to arrive in Tehran on Monday for security talks. They met with Iranian officials, including Security Chief Mohsen Rezaei. Saudi Deputy Minister for Public Diplomacy Rayed Krimly said the visit supports mediation efforts led by Qatar and Pakistan.

Violence also persisted in Yemen on Sunday. The Saudi-led coalition announced it intercepted a ballistic missile fired by the Houthis toward Riyadh and destroyed two launchers in Sanaa. The Iran-backed Houthi group claimed it hit Riyadh's international airport with a missile shortly after flights resumed. They also said they struck oil pumping stations with drones. Earlier attacks this month had closed the airport for more than two weeks and forced Saudi Arabia to postpone its flagship investment conference until 2027.

In Israel, Prime Minister Benjamin Netanyahu warned that Iran and its proxies might attack to disrupt Tuesday's elections. He told the public not to test the country's resolve. Defense Minister Israel Katz dismissed a Channel 12 report suggesting a clash between Netanyahu and Army Chief Eyal Zamir over a new directive. He called the report entirely baseless, a sentiment Netanyahu echoed by calling the story rubbish. Iran's foreign ministry stated that the election result makes no difference to Tehran.