TRUMP SAYS HE HAS A "BIG DECISION COMING UP" ON IRAN

Trump told Axios he is deciding whether to "go in and annihilate" Iran, the first time he has framed the choice that starkly with an actual decision point attached 12YNT Trump weighs return to major Iran strikes: ‘I have a big decision coming up’. That decision point is next Tuesday's Gulf summit, where he plans to hear directly from Saudi Arabia, the UAE, Qatar, and others before choosing a path forward 12YNT Trump weighs return to major Iran strikes: ‘I have a big decision coming up’. It was Saudi and Qatari warnings about Iranian retaliation on Gulf infrastructure that talked him out of major escalation in August, so who shows up in person versus sends a deputy will be information. Domestically, 71 percent of voters think he has no exit strategy, including 43 percent of Republicans, and his approval is at a second-term low of 39 percent 9FOX Fox News Poll: 71% think Trump administration lacks plan to end Iran war. He declined to say whether his decision comes before or after the midterms, which is the most telling non-answer in the interview.

The US-backed Security Council resolution to extend Iran sanctions monitoring failed after Russian and Chinese vetoes, with 11 votes in favour not being enough 6MHR Russia, China veto US resolution about Iran sanctions. Russia's envoy went further than a simple veto, declaring the 1737 Committee itself illegitimate on the grounds that the snapback mechanism was never properly activated 6MHR Russia, China veto US resolution about Iran sanctions. The practical result is that multilateral sanctions enforcement on Iran is now formally dead, which removes one more tool from Washington's kit at precisely the moment Trump is deciding whether to escalate militarily.

Shipping through the strait is down 88 percent, with four vessels transiting in the past 24 hours against a daily average of 33, and oil tanker passages down 91 percent 13AAM Bab al-Mandeb Strait’s shipping traffic comes to halt amid conflict in Yemen. The Houthis now physically control Mayun Island at the strait's entrance, the Hanish archipelago, and the coastal town of Dhubab 13AAM Bab al-Mandeb Strait’s shipping traffic comes to halt amid conflict in Yemen. The compounding problem for Saudi Arabia: its East-West pipeline bypass route feeds Red Sea ports, and those ports now push tankers into a strait the Houthis control. The escape valve Riyadh built around Hormuz is being sealed from the other end.

The IRGC Navy struck and stopped the Togo-flagged tanker Trend in the Strait of Hormuz for "illegal passage," with Rear Admiral Ozmaei warning further transits "will have no outcome other than the destruction of the offending vessel" 8TSN Togo-Flagged Oil Tanker Hit for Illegal Hormuz Passage: IRGC Navy. Separately, satellite imagery shows Iran has been actively reconstructing the Taleghan 2 nuclear test facility at Parchin since June, adding blast protection to the hardened buried structure that Israel struck in October 2024 and again in March 2026 2JPM Iran reconstructing nuclear test-linked Taleghan 2 site after IDF strikes, satellite imagery shows. The Institute for Science and International Security put the obvious question plainly: "why Iran keeps rebuilding it" 2JPM Iran reconstructing nuclear test-linked Taleghan 2 site after IDF strikes, satellite imagery shows. That question matters enormously for any nuclear settlement.

Brent fell more than five dollars to $99.18 and WTI to $96.07, which looks like relief but the underlying signals say otherwise. The Oil Volatility Index remains well above August levels, gold held while oil dropped (the Gold/Oil ratio jumped to 45.98), and tanker stocks like Frontline are still carrying a structural risk premium from mid-August despite today's slide. The 88 percent Bab al-Mandeb collapse and the Hormuz tanker strike are not priced into today's Brent number. If they were, it would not be below $100. Six EU economies are now formally aligned on a windfall energy profits tax ahead of the Ecofin meeting, with Italy's Giorgetti saying the coalition is still growing 4TTM Energy price increases will worsen because of war against Iran: Italian energy minister.