Oil Prices Up 60% as Qatar Leads 72-Hour Effort to Halt New U.S. Strikes

Qatar has led intense mediation efforts for the past 72 hours to prevent new U.S. strikes on Iran. U.S. and Israeli officials are planning potential attacks to begin after Tuesday's midterm elections. The uncertainty has put the entire Gulf region on edge. Qatar has kept details of the talks private, but mediators recently visited Tehran. An Iranian delegation also traveled to Doha. Iran's Foreign Minister Abbas Araghchi told state media today that the mediation has not produced a definitive conclusion. He mentioned discussions about a two-day plan. Under that plan, Iran would stop attacking ships in the Strait of Hormuz. This pause would allow direct talks to resume between Washington and Tehran.

President Donald Trump was asked about the possibility of restarting the war at a Halloween party in Mar-a-Lago. He said, "We're not in that much of a hurry." Trump claimed the U.S. had destroyed almost all of Iran's military equipment and nuclear sites. He noted that one or two sites remain but can be finished in 10 minutes. He did not specify when those strikes would occur. Senior European diplomats and Arab military generals told NPR correspondent Aya Batrawy that no one in the Gulf knows what Trump will do. The decision affects the lives of tens of millions of people in the region.

The war began eight months ago when the U.S. and Israel launched strikes. They killed Iran's supreme leader and top military commanders. They also destroyed many ships and missile production sites. Despite eight months of war and crippling economic sanctions, Israel's stated goal of toppling the regime has not been achieved. Iran's Revolutionary Guard remains capable of inflicting damage on Gulf Arab countries. These nations are major oil and gas producers. Iran's closure of the Strait of Hormuz has caused global energy prices to rise. Brent crude oil is 60% higher today than before the war began.

Iran's new supreme leader, Mojtaba Khamenei, sent a message to armed forces commanders this weekend. He said any threat to the country must be met with an immediate response. He described this response as being "without geographical limitations." Iranian state media said this means new U.S. or Israeli attacks would cause greater damage than previous strikes.

Bahrain, a small island nation in the Persian Gulf, hosts the U.S. Navy's 5th Fleet. On February 28, the first day of the war, Iran hit U.S. military sites across the region. Strikes damaged the 5th Fleet's logistics hub and warehouses in Bahrain. Radar equipment was hit, and warehouses were charred. The base housed 8,000 military personnel before the war. It now has fewer than 100. Bahrain's Foreign Minister Abdullatif Al Zayani spoke at the Manama Dialogue security forum. He noted that Iran fired missiles and drones at civilian infrastructure. He said the Revolutionary Guard threatened to hit undersea internet cables in the Strait of Hormuz if war resumes. He called the cables a "shared artery" being used as a tool of pressure.

Gulf Arab states view Iran as a top security threat, but they also see it as a neighbor. They welcome U.S. pressure on Iran but do not want a new war. The United Arab Emirates has the most hawkish policy in the region toward Iran. Senior Emirati diplomat Anwar Gargash said the crisis requires political tools rather than military solutions. He warned that military options would complicate the situation and not provide a quick solution. Dubai, known as a safe investment haven, has been shaken by the conflict. Economies across the Gulf are suffering. Saudi Arabia is also struggling to protect its airports and oil facilities from attacks by Iran-backed Houthis in Yemen.

The united message from Gulf leaders is that further attacks on Iran will be devastating. The region remains focused on security as it awaits the outcome of the Qatari mediation and the U.S. midterm elections.