US President Donald Trump says he could order a fresh round of American strikes on Iran whenever he chooses, but he is still weighing whether to hit Tehran again or negotiate an agreement. The warning came during a Fox News interview on Sunday, with US forces building up across the Middle East and the confrontation spreading into Saudi Arabia. His latest threat lands as diplomats work to prevent more fighting, and as oil markets continue to absorb the fallout from months of regional conflict.

“Do I finish it off, which would be very easy to do, or do I make a deal? It’s getting to be decision time,” Trump said.

Trump weighs another attack as Qatar pushes for talks

The president’s comments came as Qatari mediators visited Tehran on Sunday, Reuters reported. Doha has been working to bring Washington and Iran back to the negotiating table, although neither side has announced a breakthrough.

The US last carried out confirmed strikes against Iran on September 1. Trump later indicated that American attacks would remain on hold until after the November 3 midterm elections. Iran, however, has been gearing up for another showdown, with Tehran officials warning that any new American attack will be met with military retaliation. That election-date pause gives the diplomacy now underway a defined timeline, with mediators working ahead of the November 3 date Trump tied to any resumption of strikes.

One possible US target is Pickaxe Mountain, a heavily guarded underground base linked to Iran’s nuclear program. Trump suggested that the US has full visibility into activity there, noting that three other Iranian nuclear bases have already been wiped out.

“We can read the badge on somebody’s shirt from space, okay? We know exactly what’s going on at Pickaxe Mountain. We know the other three [nuclear sites] are obliterated,” Trump said in remarks circulated in a post by CNBC on X.

The president also repeated his position that Washington controls the Strait of Hormuz, pointing to the recovery in crude shipments through the waterway. The picture at sea is more difficult, though. While oil cargoes have been restored to their pre-war volumes, other cargo traffic continues to suffer significant disruption. Both the US and Iran have laid claim to the passageway, which hosts a sizable portion of the world’s energy cargo trade.

Just days earlier, a Singapore-registered container ship foundered in the strait after being hit by an unknown projectile, sparking a fire. Iranian naval commander Ali Ozmaei said his forces were “counting the moments” until they could sink US warships.

Saudi Arabia seeks talks as Houthi attacks threaten oil supplies

The confrontation is also putting Saudi Arabia under pressure, with Houthi militants launching fresh attacks against the kingdom over the weekend. On Saturday, the Iran-backed group said it had targeted Riyadh’s main airport and several oil facilities. Saudi authorities announced on Sunday that air defenses had stopped additional missiles and drones, and airport operations partially resumed that day despite damage from earlier attacks. The Houthis have threatened to keep striking Saudi targets.

Riyadh is now pursuing another diplomatic channel to prevent the fighting from spreading further. Saudi Defense Minister Prince Khalid bin Salman is scheduled to meet Iranian President Masoud Pezeshkian and national security chief Mohsen Rezaei on Monday. Pakistan’s army chief Asim Munir and Turkish intelligence chief Ibrahim Kalin are also participating; their countries are members of a defense pact with Saudi Arabia. Their participation underscores how the confrontation has already drawn in governments beyond the immediate belligerents, and it puts senior Iranian and Saudi officials at the same table one day after Trump publicly weighed strikes against a deal.

Energy markets brace for wider disruption

For energy traders, the biggest concern is what happens if the attacks reach the infrastructure Saudi Arabia needs to produce, process and transport crude. A serious strike against the kingdom’s East-West pipeline could interrupt shipments and push international prices sharply higher. Damage to additional refining facilities would create another problem, because replacing lost fuel-processing capacity could take considerably longer than restoring oil production.

There is also a limit to how much expensive crude consumers can absorb. If Brent rises above $120 per barrel, weaker demand could become a bigger factor as households and businesses cut fuel purchases. Energy costs are already elevated because of supply disruptions and limited global refining capacity, putting further pressure on consumer prices.

Saudi Arabia is also working to protect its Asian supply network. Energy ministers from both countries said Riyadh plans to storing crude in Singapore during the second half of 2027. Meanwhile, the US Energy Department authorized the release of up to 400,000 barrels from the Strategic Petroleum Reserve on Friday to address a supply interruption at a Louisiana refinery.

American producers are not rushing to increase output either, with companies reluctant to spend heavily on new projects while oil prices remain unpredictable and geopolitical risks continue to grow.