Iran hosted the first four-way meeting of Iran, Pakistan, Turkey and Saudi Arabia in Tehran today, according to Fars.The group released a short statement afterwards, noting that they had agreed to continuing talks. The lack of detail is naturally frustrating but this is undoubtedly a push to provide some kind of durable peace in the region.Attendees:Saudi Defence Minister Khalid bin SalmanPakistan Field Marshal Asim MunirTurkish intelligence chief Ibrahim KalinHost: Mohsen Rezaei, identified as Secretary of Iran’s Supreme National Security CouncilThe four agreed to keep talking with a view to “strengthening cooperation,” including on regional peace and security. That’s the entire substance of the release.WTI is down $1.44 to $101.83 today as fears of US strikes on the weekend dissipated but the market still has no real clarity on what's coming next on the Iran file. The rumors about offers of peace and reopening Hormuz were doing the rounds today but nothing seems to have any real traction.One line of thinking is that if Republicans lose badly in the midterms, Trump won't see it as a rebuke on Iran. Instead, he may lash out and escalate attacks, attempting to salvage his legacy by defeating Iran. The risk is that Iran remains a formidble force and launches a damaging attack on Persian Gulf infrastructure. Said differently, it could be a worse version of what we already have, with an even-more difficult path towards peace. In that case, the market will start to price in curbed oil flows for the remainder of Trump's term (at least). Also part of the equation is the Israeli election on Tuesday. Betting markets show a 30% chance of Bibi remaining as Prime Minister after the usual Israeli coalition-making, which can be a slow process. This article was written by Adam Button at investinglive.com.