Oil Stays Near $115 as Tehran Promises No Policy Change

Oil prices remained high on Monday, with Brent crude trading near $115 a barrel. The price held steady despite escalating threats from Washington and ongoing violence in the region. Iranian officials said their country will not change its approach, even if the United States resumes attacks.

President Donald Trump framed his next move as a binary choice during a Sunday interview. He told Fox News he must decide whether to finish the conflict or make a deal. On Friday, he suggested the U.S. might launch another operation called Epic Fury. That name refers to the joint campaign with Israel that started on Feb. 28. Trump also claimed the U.S. now controls the Strait of Hormuz. He criticized the 2015 nuclear deal, from which he withdrew in his first term.

Speculation grew that new strikes could follow the midterm elections scheduled for next Tuesday. A third aircraft carrier group has been sent to the region, though diplomatic staffing there has decreased. Iranian Foreign Minister Abbas Araghchi stated that talk of war has not changed his government’s thinking. He said, "Whether there is war or not, our policies remain the same." He added that Washington and Israel had tried twice already and would achieve no different outcome. Foreign ministry spokesperson Esmaeil Baqaei said the window for diplomacy remains open. Messages are still being relayed through intermediaries, although direct talks have stalled for weeks.

Supply concerns kept energy markets on edge. The U.K. navy’s Maritime Trade Operations center reported that a tanker leaving the Strait of Hormuz was hit by an unknown projectile on Friday. The crew was reported safe. Iran claimed it struck at least four tankers near the strait on Thursday, but those claims were not corroborated. Trump accused Tehran of inventing such attacks to push up prices before the midterms.

Regional leaders gathered in Tehran on Monday to ease tensions. 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 said the visit supports de-escalation. The talks follow eight months of war in the region.

Violence continued in Yemen. The Saudi-led coalition intercepted a ballistic missile fired by the Houthis toward Riyadh. They destroyed two missile launchers in Sanaa. The Houthis claimed they hit Riyadh’s international airport with a missile. 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 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 them not to test the country. Defense Minister Israel Katz rejected a report of a clash between Netanyahu and army chief Eyal Zamir. He called the report entirely baseless. Iran’s foreign ministry said the election result makes no difference to Tehran.