Brent Crude Holds at $115 as Tehran Says Policy Will Not Shift

Global oil prices remained elevated on Monday, with Brent crude trading near $115 a barrel. The stability in the market came despite new warnings from Washington and reports of attacks on shipping lanes in the Persian Gulf. For consumers and businesses tracking energy costs, the price has stayed high since the conflict began, reflecting persistent supply risks.

Iranian Foreign Minister Abbas Araghchi stated at a televised event in Tehran that his government's strategic thinking has not changed. He said whether or not war occurs, Iranian policies will remain the same. Araghchi noted that the United States and Israel had attempted to force changes twice already and would not achieve a different result this time.

The current standoff follows a joint U.S. and Israeli military campaign against Iran that started on Feb. 28. President Trump referred to this operation as "Epic Fury." On Friday, he suggested the U.S. might launch another similar strike. In an interview on Sunday, he framed his upcoming decision as a choice between finishing the military effort or making a deal. He claimed the U.S. now controls the Strait of Hormuz, a critical waterway for global oil transport.

Speculation is growing that the U.S. may resume strikes after 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. Iranian spokesperson Esmaeil Baqaei said the window for diplomacy remains open, though direct talks have stalled for weeks.

Supply concerns have driven prices higher as the Northern Hemisphere approaches winter, a season when demand for heating fuel typically rises. The U.K. Maritime Trade Operations center reported that a tanker leaving the Strait of Hormuz was hit by an unknown projectile on Friday. The vessel was disabled, but the crew reported they were safe. Iran claimed to have struck at least four tankers near the strait on Thursday, a claim President Trump questioned, accusing Tehran of inventing attacks to inflate prices before the midterms.

Regional leaders are attempting to ease tensions through direct security talks. Saudi Defense Minister Khalid bin Salman, Pakistani Army Chief General Asim Munir, and Turkish Intelligence Chief Ibrahim Kalin were scheduled to meet with Iranian officials in Tehran on Monday. The talks are expected to include 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 discussions take place after eight months of regional war.

Violence continued in Yemen, where the Saudi-led coalition intercepted a ballistic missile fired by the Houthis toward Riyadh. The coalition also destroyed two missile launchers in Sanaa. The Iran-backed Houthi group claimed it hit Riyadh's international airport with a missile shortly after flights resumed. They also said they struck oil pumping stations with drones. Earlier attacks 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 on Sunday that Iran and its proxies might attack to disrupt the U.S. midterm elections. He told his opponents, "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 said the election result makes no difference to Tehran's strategy.

The next major deadline is next Tuesday, when U.S. voters go to the polls. Diplomatic mediators are currently in Tehran for talks that could influence whether the U.S. resumes military operations. Oil markets will continue to watch the Strait of Hormuz for further incidents involving commercial tankers.