Brent Crude Holds at $115 as Tehran Vows Policy Will Not Change

Global energy markets remain tense as Brent crude trades near $115 per barrel, a level driven by supply concerns in the Middle East and the approach of winter demand. The price stability comes as President Donald Trump faces a decision on whether to resume military operations against Iran or pursue a negotiated settlement.

Trump outlined his dilemma during a Sunday interview on Fox News' 'Sunday Morning Futures.' He stated that he must choose between finishing the conflict, which he described as easy, or making a deal. Earlier in the week, he suggested the U.S. might launch another 'Epic Fury' campaign, referencing the joint U.S.-Israeli attacks that began on Feb. 28. He also asserted that the U.S. now controls the Strait of Hormuz and criticized the 2015 nuclear deal agreed upon by former President Barack Obama.

Iranian Foreign Minister Abbas Araghchi responded to these threats during a televised address in Tehran. He declared that his government's thinking has not changed regardless of the war talk. 'Whether there is war or not, our policies remain the same,' Araghchi said. He added that Washington and Israel had already attempted these strategies twice and would not see a different result.

Diplomatic channels remain active despite the standoff. Foreign Ministry spokesperson Esmaeil Baqaei confirmed that the window for diplomacy is open. He stated that messages continue to be relayed to the U.S. through intermediaries, although direct negotiations have appeared stalled for several weeks. This indirect contact continues even as American diplomatic staffing in the region has been reduced.

Speculation regarding new U.S. strikes has intensified ahead of the midterm elections scheduled for next Tuesday. Additional American forces, including a third aircraft carrier group, have been deployed to the area. Trump has accused Tehran of fabricating attacks on shipping to inflate oil prices before the election. However, the U.K. navy's Maritime Trade Operations center, UKMTO, reported that a tanker exiting the Strait of Hormuz was hit by an unknown projectile on Friday, disabling the vessel while the crew remained safe.

Regional leaders are moving to cool the situation. Saudi Defense Minister Khalid bin Salman, Pakistani army chief General Asim Munir, and Turkish intelligence chief Ibrahim Kalin are scheduled to meet with Iranian security chief Mohsen Rezaei in Tehran on Monday. Saudi Deputy Minister for Public Diplomacy Rayed Krimly described the visit as a support for de-escalation and mediation efforts led by Qatar and Pakistan. These talks come after eight months of ongoing regional conflict.

Violence persists in Yemen as well. 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 Houthis claimed they hit Riyadh's international airport with a missile hours after flights resumed. They also reported striking oil pumping stations with drones. Previous attacks earlier this month forced the airport to close for more than two weeks and led Saudi Arabia to postpone its flagship investment conference until 2027.

In Israel, Prime Minister Benjamin Netanyahu warned that Iran and its proxies might target the country to disrupt the upcoming elections. He told the public, 'Don't test us.' Defense Minister Israel Katz dismissed a Channel 12 report alleging a clash between Netanyahu and army chief Eyal Zamir over a new military directive, labeling the report 'entirely baseless.' Netanyahu called the same report 'rubbish.' Iran's foreign ministry stated that the result of the election 'makes no difference' to Tehran.

The combination of stalled diplomacy, military positioning, and persistent attacks in Yemen keeps pressure on energy supplies. The U.S. maintains a significant military presence in the region, while Iran signals that its strategic posture will not shift. The coming days will likely see continued monitoring of the Strait of Hormuz and the outcome of the high-level security talks in Tehran.