Brent Crude Holds Near $115 as Tehran Declares Policy Unchanged

Global energy markets remain tense as Brent crude prices hover near $115 per barrel early Monday. This price level reflects ongoing supply concerns tied to conflicts in the Middle East and Ukraine, particularly as the Northern Hemisphere approaches winter and demand for gas increases.

Iranian Foreign Minister Abbas Araghchi addressed the situation at a televised event in Tehran on Sunday. He stated that the prospect of a new war has not altered his government's strategic thinking. "Whether there is war or not, our policies remain the same," Araghchi said. He added that Washington and Israel had attempted to change Iran's position twice already and would achieve no different outcome if they tried again.

The comments follow remarks by President Donald Trump on Fox News' "Sunday Morning Futures." Trump framed his current decision in stark terms, saying, "I have a decision to make: Do I finish it off, which would be very easy to do, or do I make a deal?" On Friday, he suggested the U.S. "may do another little Epic Fury," referencing the joint U.S.-Israeli campaign that began on Feb. 28. He also claimed the U.S. now controls the Strait of Hormuz.

Speculation has grown that the U.S. may order new strikes after next Tuesday's midterm elections. Additional American forces, including a third aircraft carrier group, have been deployed to the region, although diplomatic staffing has been reduced. Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the window for diplomacy remains open. He confirmed that messages are still being relayed to the U.S. through intermediaries, even though direct talks have appeared stalled for weeks.

Tensions in the region continue to affect shipping. The U.K. navy's Maritime Trade Operations center reported Monday that a tanker leaving the Strait of Hormuz was hit by an unknown projectile on Friday. The projectile disabled the vessel, though the crew was reported safe. Iran claimed to have struck at least four tankers near the strait on Thursday, though those claims were not corroborated. Trump accused Tehran of inventing such attacks to push up oil prices before the midterms.

Regional powers are moving to ease the conflict. Saudi Defense Minister Khalid bin Salman, Pakistani army chief General Asim Munir, and Turkish intelligence chief Ibrahim Kalin are scheduled to visit Tehran on Monday for security talks. They will meet with Iranian officials, including security chief Mohsen Rezaei. Saudi Deputy Minister for Public Diplomacy Rayed Krimly said the visit supports de-escalation and backs mediation efforts by Qatar and Pakistan. These talks follow eight months of war in the region.

Violence also continued in Yemen. The Saudi-led coalition said it intercepted a ballistic missile fired by the Houthis toward Riyadh and destroyed two missile launchers in Sanaa. The Iran-backed Houthi group claimed it hit Riyadh's international airport with a missile hours after flights resumed. They also said they struck oil pumping stations with drones. Earlier attacks this month 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 on Sunday that Iran and its proxies might attack to disrupt Tuesday's elections. "Don't test us," he said. Defense Minister Israel Katz rejected a Channel 12 report of a clash between Netanyahu and army chief Eyal Zamir over a new directive, calling it "entirely baseless." Netanyahu had labeled the report "rubbish." Iran's foreign ministry stated that the election result "makes no difference" to Tehran.