President Donald Trump stated on Wednesday that the nearly seven-month war with Iran is hopefully
nearing its end, while Tehran’s Supreme National Security Council confirmed ongoing talks with Qatari and Pakistani mediators regarding conditions for halting hostilities.
As diplomatic channels attempt to chart an endgame, the wider regional conflict entered a volatile new phase on Saturday. A large plume of black smoke and flames was visible near King Khalid International Airport in Riyadh, following overnight alerts issued by Saudi civil defense warning of potential aerial attacks. Yemen’s Iran-backed Houthi movement claimed responsibility for the strike, stating they targeted sensitive sites in the Saudi capital alongside an Aramco energy facility in Yanbu.
Tehran Outlines Terms for a Deal as JP Morgan Struggles to Model Markets
Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, detailed Tehran’s prerequisites for re-engaging with Washington during an interview. Rezaei stated that the country’s conditions for halting the conflict include an end to military action on all fronts, the unfreezing of Iranian assets, and the complete lifting of the naval blockade. While consultations continue through Qatari and Pakistani mediators, Rezaei noted that Iran was awaiting a formal response from the White House.
Analysts at JP Morgan noted that predicting future oil pricing has become exceptionally difficult. International benchmark Brent crude oil has risen 72% since the start of 2026 as energy supplies flowing through the Strait of Hormuz face severe disruptions.
“For the first time since the start of the Iran conflict, we don’t have a baseline view. We simply don’t know how to model the endgame.”
Commodities research team, JP Morgan
Escalation Along Yemen’s Coast and Regional Diplomatic Moves
The conflict’s secondary theater in Yemen has intensified significantly in recent weeks. Yemen’s Foreign Minister Afrah al-Zouba asserted that the country’s future must remain in the hands of Yemenis rather than serving as a bargaining chip for regional powers. Al-Zouba rejected Iranian support that empowers Houthi military capabilities along the Red Sea and the strategic Bab el-Mandeb Strait, where recent Houthi advances have threatened vital commercial shipping lanes.
In response to the deteriorating security situation, the United Nations Security Council condemned in the strongest terms the ongoing Houthi missile and drone attacks against Saudi territory and commercial vessels. The 15-member body warned that the military escalation threatens international trade and humanitarian stability, urging all nations to strictly enforce the existing UN arms embargo against the rebel group.
Meanwhile, international defense alignments are shifting to address the regional threat. Turkey’s Foreign Minister Hakan Fidan noted that Ankara stands ready to provide technical or military support to Saudi Arabia under the framework of an existing trilateral defense pact that also includes Pakistan. Simultaneously, the U.S. State Department issued updated security advisories for the region, urging American citizens to exercise heightened vigilance amid the sustained Houthi aerial campaign.
Domestic Mobilization in Iran and U.S. Arms Support for Riyadh
Inside Iran, the government has moved to bolster domestic support. Recent public demonstrations in central Tehran saw hundreds of thousands of citizens participate in what state media described as the largest pro-regime rally since the war began. The gathering coincided with new recruitment drives for volunteer military instruction under the initiative designated Janfaday-e Iran,
or those who sacrifice their lives for the country.
To reinforce regional allies against the ongoing aerial threats, the United States approved a potential $24.3 billion sale of nearly 50 F-35 warplanes and associated equipment to Saudi Arabia. While President Trump has publicly declined direct U.S. military intervention against the Houthis, the advanced defense package provides the kingdom with significant long-term deterrent capabilities as diplomatic efforts to secure a durable cease-fire across all fronts remain ongoing.