Brent Crude Jumps 60% as Qatar Pushes Iran for Two-Day Ceasefire

Qatar is leading a 72-hour mediation effort to prevent new U.S. attacks on Iran, proposing a two-day plan that would pause Iranian strikes on ships in the Strait of Hormuz to allow direct talks to resume between Washington and Tehran.

The diplomatic push comes as Brent crude oil prices sit 60% higher than pre-war levels. The cost spike follows the U.S. and Israeli launch of a war against Iran eight months ago. That conflict killed Iran's supreme leader and top military commanders, destroyed many of its ships, and hit missile production sites. Despite these losses and crippling U.S. economic sanctions, the war has not toppled the Iranian regime, which remains a stated goal of Israel.

Iranian Foreign Minister Abbas Araghchi told Iranian state media on Saturday that there is still no definitive conclusion to the mediation. However, he confirmed discussions about the two-day plan. President Donald Trump addressed the timing of a potential restart of the war from a Halloween party at Mar-a-Lago. He said, "We're not in that much of a hurry." Trump claimed U.S. forces have knocked out most of Iran's military equipment, manufacturing capabilities, and nuclear sites, adding that remaining targets could be hit in 10 minutes.

Bahrain's Foreign Minister Abdullatif Al Zayani spoke at the Manama Dialogue security forum in Bahrain on Saturday. He noted that Iran's Revolutionary Guard has made new threats to hit undersea internet cables carrying data through the Strait of Hormuz if war resumes. Al Zayani described the cables as a shared artery being used as a tool of pressure. Iran also hit Amazon data centers in the United Arab Emirates during the peak of the conflict.

NPR correspondent Aya Batrawy reported from the 5th Fleet logistics hub in Bahrain, a base that held 8,000 military personnel before the war. She observed charred warehouses and hit radar equipment from the highway. The base now holds fewer than 100 personnel. On the first day of the war on February 28, Iran struck U.S. military sites across the region, including this logistics hub and civilian infrastructure in Bahrain.

Senior Emirati diplomat Anwar Gargash said at the summit that the region must use political tools as its main weapon. He argued that military solutions will complicate the current scene and will not bring a quick off-ramp to the solution. Gulf Arab states view Iran as a top security threat but do not want a new war. Saudi Arabia is currently working to protect its airports and oil facilities from attacks by Iran-backed Houthis in Yemen.

Iran's Supreme Leader Mojtaba Khamenei told senior commanders this weekend that any threat to the country must be met with an immediate response without geographical limitations. Iranian state media said this means new Israeli or U.S. attacks would inflict greater damage than previously seen.