Tehran Maintains Diplomatic Channel as Brent Crude Stays Near $115

Iranian Foreign Minister Abbas Araghchi stated on Sunday that indirect communications with the United States continue and that Tehran's strategic positions will remain unchanged regardless of whether President Donald Trump orders new military strikes. The declaration coincided with Brent crude oil holding near $115 per barrel in early Monday trading, a level driven by persistent supply concerns in the Middle East and the Northern Hemisphere's approach to winter.

President Trump described his current strategic options in an interview with Fox News' 'Sunday Morning Futures.' He framed the decision as a choice between finishing the conflict, which he described as easy, or negotiating a deal. On Friday, the president suggested the U.S. might launch another campaign referred to as 'Epic Fury,' a term used for the joint U.S.-Israeli operations that began on February 28. He also asserted that American forces now control the Strait of Hormuz and criticized the 2015 nuclear agreement, from which he withdrew during his first term.

Speculation regarding further U.S. action has increased ahead of Tuesday's midterm elections. A third aircraft carrier group has been deployed to the region, although U.S. diplomatic staffing in the area has decreased. Foreign Ministry spokesperson Esmaeil Baqaei said the diplomatic window remains open, with messages being relayed to Washington through intermediaries. Direct negotiations have appeared stalled for several weeks.

Energy markets reacted to physical disruptions in the region. The U.K. Maritime Trade Operations center reported on Monday that a tanker exiting the Strait of Hormuz was struck by an unknown projectile on Friday, disabling the vessel. The crew was reported safe. Iran previously claimed to have hit at least four tankers near the strait on Thursday, though those assertions were not independently confirmed. President Trump accused Tehran of fabricating such attacks to influence oil prices before the elections.

Regional leaders convened in Tehran on Monday to discuss de-escalation. Saudi Defense Minister Khalid bin Salman, Pakistani army chief General Asim Munir, and Turkish intelligence chief Ibrahim Kalin met with Iranian security chief Mohsen Rezaei. Saudi Deputy Minister for Public Diplomacy Rayed Krimly stated that the visit supports mediation efforts led by Qatar and Pakistan. These talks occur after eight months of conflict in the region.

Violence persisted in Yemen as the Saudi-led coalition intercepted a ballistic missile fired by the Houthis toward Riyadh. The coalition also destroyed two launchers in Sanaa. The Iran-backed Houthis claimed they struck Riyadh's international airport with a missile shortly after flights resumed and hit oil pumping stations with drones. Earlier attacks this month closed the airport for more than two weeks and forced Saudi Arabia to delay its 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 supporters, 'Don't test us.' Defense Minister Israel Katz rejected a Channel 12 report of a disagreement between Netanyahu and army chief Eyal Zamir over a new directive, calling the claim 'entirely baseless.' Iran's foreign ministry stated that the outcome of the U.S. election makes no difference to Tehran's strategy.