Brent Crude Jumps to $117

Brent crude reached approximately $117 per barrel, marking its highest price point since April, as conflict in the Persian Gulf intensified. The spike occurred amid renewed threats from Iran and persistent attacks on commercial shipping lanes in the Strait of Hormuz.

The Islamic Revolutionary Guard Corps reported that seven tankers were attacked or struck by mines during the overnight hours into Thursday. On Friday, the group claimed two supertankers also hit mines. These incidents have disrupted energy flows and heightened fears of a prolonged naval standoff.

Ali Abdollahi, the chief of the Iranian armed forces' general staff, issued a statement on Saturday morning via state media. He declared that the United States Navy could no longer re-enter Iranian territorial waters or their immediate surroundings. Abdollahi stated that Iran can now target any vessel in the region, leaving the US president to only dream of a military return to the Persian Gulf.

President Donald Trump addressed supporters at a rally in Florida on Friday, indicating that the US had not decided on its next move. He suggested the military "may do another Epic Fury," a reference to the large-scale bombing campaign that started the war. Trump weighed ending the conflict with massive strikes against maintaining the current naval blockade and sanctions to pressure Tehran.

Abdollahi criticized American rhetoric, arguing that US claims of destroying Iranian military capabilities are contradicted by Washington's refusal to move aircraft carriers closer to Iranian territory. He described the Iranian strategy as intending to pull the US and Israel into a quagmire in retaliation for the surprise attack that began the war on February 28.

Diplomatic efforts have stalled. Senior diplomats from Turkiye, Saudi Arabia, Pakistan, and Egypt met with counterparts from the UK, France, Germany, and Italy in Istanbul on Friday. Neither the US nor Iran attended the session. Turkiye's Foreign Minister Hakan Fidan stated that a new attack on Iran would widen the war, while German Foreign Minister Johann Wadephul blamed Iran and the Houthis for instability. The four regional ministers identified Israeli occupation as the main source of regional instability.

The conflict has expanded beyond the Gulf. Yemen's Houthi movement struck Riyadh on Saturday, following recent attacks on Dammam's airport and the Shaybah oilfield. In southern Lebanon, Israeli air strikes hit areas near Nabatieh and Zawtar ash-Sharqiyah. In the West Bank, Israeli Prime Minister Benjamin Netanyahu ordered a lockdown after two soldiers were killed in Hebron, a day before his election on October 27.

Iranian state media reported that Tehran activated a "dead hand" doctrine, allowing attacks to continue from all 31 provinces if senior leaders are assassinated. The IRGC threatened to target seabed internet cables if civilian infrastructure is hit again. US intelligence, cited by Axios, indicated that Iran has substantially increased efforts to strike American officials in the Middle East and elsewhere.