Iran Declares Policy Unchanged as Oil Holds Near $115

Iranian officials stated on Sunday that their nation's strategic position remains fixed, regardless of whether the United States resumes military strikes. Foreign Minister Abbas Araghchi told a televised audience in Tehran that the prospect of a new war has not altered government thinking. He added that Washington and Israel have already tried to change the situation twice and would achieve no different result this time.

The comments coincided with continued volatility in global energy markets. Brent crude traded near $115 per barrel early Monday. Prices climbed sharply late in the previous week due to supply concerns related to conflicts in the Middle East and Ukraine, as Northern Hemisphere winter demand for gas begins to rise.

President Donald Trump framed his next move in stark terms during an interview on Fox News. He said he must decide whether to finish the military campaign, which he described as easy, or to make a deal. On Friday, he suggested the U.S. might launch another operation called Epic Fury, a term he used for the joint U.S.-Israeli campaign that started on Feb. 28. Trump also claimed the U.S. now controls the Strait of Hormuz and criticized the 2015 nuclear deal from which he withdrew during his first term.

Speculation has grown that new U.S. strikes could follow the midterm elections scheduled for next Tuesday. Additional American forces, including a third aircraft carrier group, have been deployed to the region. However, U.S. diplomatic staffing in the area has been reduced. Foreign ministry spokesperson Esmaeil Baqaei said the window for diplomacy remains open, with messages still being relayed to Washington through intermediaries, although direct talks have stalled for weeks.

Violence in the region continues to affect shipping and infrastructure. The U.K. Maritime Trade Operations center reported that a tanker exiting the Strait of Hormuz was hit by an unknown projectile on Friday, disabling the vessel. The crew was reported safe. Iran claimed to have struck at least four tankers near the strait on Thursday, a claim Trump disputed, accusing Tehran of inventing attacks to push prices up before the elections.

Regional leaders are working to ease tensions. 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 said the visit supports de-escalation and mediation efforts by Qatar and Pakistan. These talks follow eight months of war in the region.

In Yemen, the Saudi-led coalition intercepted a ballistic missile fired by the Houthis toward Riyadh and destroyed two launchers in Sanaa. The Houthis claimed their missile hit Riyadh's international airport shortly after flights resumed. They also said drones struck oil pumping stations. Earlier attacks this month closed the airport for more than two weeks and forced Saudi Arabia to postpone its flagship investment conference until 2027.

Israeli Prime Minister Benjamin Netanyahu warned on Sunday that Iran and its proxies might attack to disrupt Tuesday's elections. He said, "Don't test us." Defense Minister Israel Katz rejected a report of a clash between Netanyahu and army chief Eyal Zamir, calling it entirely baseless. Iran's foreign ministry stated that the result of the U.S. elections makes no difference to Tehran.