US president Donald Trump says he could order another round of American attacks on Iran whenever he wants, but he is still weighing whether to hit Tehran or negotiate an agreement.The president made the threat during a Fox News interview on Sunday, with US military forces building up across the Middle East and tensions spreading into Saudi Arabia.His latest warning comes as diplomats try to prevent more fighting, while oil markets are already dealing with the fallout from months of regional conflict.Trump weighs another attack on Iran as Qatar pushes for a diplomatic deal“Do I finish it off, which would be very easy to do, or do I make a deal? It’s getting to be decision time,” Trump said.The president’s comments came as Qatari mediators visited Tehran on Sunday, Reuters reported. Qatar has been trying to bring Washington and Iran back to the negotiating table, although neither side has announced a breakthrough.The US last carried out confirmed strikes against Iran on September 1. Trump later indicated that American attacks would remain on hold until after the November 3 midterm elections.However, Iran has been gearing up for another showdown, with Tehran officials warning that any new American attack will be met with military retaliation.Another possible target for America could be Pickaxe Mountain, a highly guarded underground base linked to Iran’s nuclear program.President Trump has indicated that the Americans are fully aware of what goes on in the underground base because three other Iranian nuclear bases have been wiped out.“We can read the badge on somebody’s shirt from space, okay? We know exactly what’s going on at Pickaxe Mountain. We know the other three [nuclear sites] are obliterated,” Trump said.The president also repeated his position that Washington controls the Strait of Hormuz, pointing to the recovery in crude shipments through the waterway.However, things at sea are quite a bit more difficult. Though the oil cargoes have been restored to their pre-war volumes, other cargo traffic continues to suffer significant disruption.Both the US and Iran have laid claim to this passage way that plays host to a sizable portion of the world’s energy cargo trade.Just a few days ago, a Singapore registered container ship foundered in the strait following an attack by an unknown projectile resulting in a fire.Iranian naval commander Ali Ozmaei said his forces were “counting the moments” until they could sink US warships.Saudi Arabia seeks talks with Iran as Houthi attacks threaten oil suppliesThe confrontation is also putting Saudi Arabia under pressure, with Houthi militants launching fresh attacks against the kingdom over the weekend.On Saturday, the Iran-backed group said it had targeted Riyadh’s main airport and several oil facilities.Saudi authorities announced Sunday that air defenses had stopped additional missiles and drones. Airport operations also partially resumed that day, despite damage from previous attacks.The Houthis have threatened to keep striking Saudi targets.Riyadh is now pursuing another diplomatic channel to prevent the fighting from spreading further.Saudi Defense Minister Prince Khalid bin Salman is scheduled to meet Iranian President Masoud Pezeshkian and national security chief Mohsen Rezaei on Monday.Pakistan’s army chief Asim Munir and Turkish intelligence chief Ibrahim Kalin are also participating. Their countries are members of a defense pact with Saudi Arabia.For energy traders, the biggest concern is what happens if the attacks reach infrastructure that Saudi Arabia needs to produce, process and transport crude.A serious strike against the kingdom’s East-West pipeline could interrupt shipments and push international prices sharply higher.Damage to additional refining facilities would create another problem because replacing lost fuel-processing capacity could take considerably longer than restoring oil production.There is also a limit to how much expensive crude consumers can absorb.If Brent rises above $120 per barrel, weaker demand could become a bigger factor as households and businesses cut fuel purchases.Energy costs are already elevated because of supply disruptions and limited global refining capacity, putting further pressure on consumer prices.Saudi Arabia is also working to protect its Asian supply network. Energy ministers from both countries said Riyadh plans to begin storing crude in Singapore during the second half of 2027.Meanwhile, the US Energy Department authorized the release of up to 400,000 barrels from the Strategic Petroleum Reserve on Friday to address a supply interruption at a Louisiana refinery.American producers are not rushing to increase output either, with companies reluctant to spend heavily on new projects while oil prices remain unpredictable and geopolitical risks continue growing.If you're reading this, you’re already ahead. Stay there with our newsletter.