Global Oil Prices Stall Near $115 as Iran Rejects U.S. Ultimatum

Global energy markets remain under pressure as Brent crude holds near $115 a barrel following a sharp rise late last week. The price stability comes amid renewed threats of conflict between the United States and Iran, which have kept traders cautious about supply disruptions in the Middle East.

Iranian Foreign Minister Abbas Araghchi stated on Sunday that Tehran's position will not shift even if President Trump orders new American attacks. Speaking at a televised event, Araghchi said, "Whether there is war or not, our policies remain the same." He added that Washington and Israel had attempted similar strategies twice already and would achieve no different result. This declaration follows President Trump's comments on Fox News, where he described his choice as deciding whether to "finish it off" or make a deal. Trump also suggested the U.S. might launch another "Epic Fury" campaign, a reference to the joint operations that began on Feb. 28.

Indirect diplomatic contacts between the two nations are still active, according to Iranian officials. Foreign ministry spokesperson Esmaeil Baqaei confirmed that messages continue to reach Washington through intermediaries, although direct negotiations have stalled for weeks. The diplomatic window remains open despite the military posturing, with speculation growing that new U.S. strikes could be ordered after next Tuesday's midterm elections. A third U.S. aircraft carrier group has already been deployed to the region, though diplomatic staffing levels have been reduced.

Supply concerns in the energy sector are compounded by recent incidents in the Strait of Hormuz. The U.K. Maritime Trade Operations center reported on Monday that a tanker leaving the strait 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 President Trump disputed by accusing Tehran of inventing attacks to inflate prices before the elections.

Regional leaders are moving to de-escalate tensions after eight months of war. Saudi Defense Minister Khalid bin Salman, Pakistani General Asim Munir, and Turkish intelligence chief Ibrahim Kalin were scheduled to arrive in Tehran on Monday. They are expected to hold security talks with Iranian officials, including security chief Mohsen Rezaei. Saudi Deputy Minister for Public Diplomacy Rayed Krimly said the visit supports mediation efforts led by Qatar and Pakistan.

Violence also continued in Yemen, where the Saudi-led coalition intercepted a Houthi ballistic missile aimed at Riyadh. The Houthis claimed to have hit the capital's international airport and struck oil pumping stations with drones. The airport had been closed for more than two weeks due to earlier attacks this month, forcing Saudi Arabia to postpone its flagship investment conference until 2027. In Israel, Prime Minister Benjamin Netanyahu warned that Iran and its proxies might attack to disrupt Tuesday's elections, while his government dismissed reports of an internal conflict over military directives.