The U.S. president says he faces a critical decision as indirect negotiations continue, military options remain on the table and instability threatens global energy markets.

WASHINGTON, October 26, 2026 — President Donald Trump is weighing whether to pursue a diplomatic agreement with Iran or resume major military action, as negotiations remain unresolved and tensions across the Middle East continue to threaten regional security and global energy supplies.

In an interview with Fox News’ Sunday Morning Futures aired on October 25, Trump described his next move as a choice between reaching an agreement and escalating the conflict.

“I have a decision to make: Do I finish it off, which would be very easy to do, or do I make a deal? That’s all,” Trump said.

His remarks underscore the uncertainty surrounding Washington’s strategy as the United States maintains pressure on Tehran while leaving open the possibility of renewed military operations.

DIPLOMACY REMAINS POSSIBLE

Despite Trump’s forceful language, diplomatic efforts have not ended.

Iranian officials said on Sunday that indirect communications with the United States were continuing through intermediaries. Tehran has nevertheless indicated that American military threats will not persuade it to abandon its negotiating positions.

The two sides remain divided over the conditions needed to end the conflict, including security arrangements and the situation surrounding the Strait of Hormuz.

The current standoff follows an earlier attempt to establish a framework for a lasting settlement. That arrangement failed to produce a durable resolution, and disagreements over maritime security and military operations have continued.

For Washington, the challenge is whether negotiations can deliver an agreement that addresses its security demands without another major round of fighting. For Tehran, the central question is whether an agreement can be reached without accepting terms it considers unacceptable.

WHY NOVEMBER 3 MATTERS

The U.S. midterm elections, scheduled for November 3, have become an important reference point in discussions about the possibility of renewed American strikes.

Trump has indicated that military action could resume after the elections, while the White House previously stated that the United States would not restart attacks before that date.

However, the possibility of post-election action is not confirmation that a decision to strike has been made. As of October 26, no new U.S. attack had been confirmed for that day.

The distinction matters as diplomatic contacts continue and both sides weigh the potential consequences of further escalation.

THE STRAIT OF HORMUZ AND GLOBAL OIL

The dispute is also carrying significant economic consequences.

The Strait of Hormuz is one of the world’s most important maritime routes for oil and gas shipments. Continued restrictions, attacks on vessels or uncertainty over commercial shipping can affect energy prices and increase costs for businesses and consumers.

CBS News reported on October 26 that Brent crude was trading around $115 per barrel early Monday, following a rise linked to concerns over supply disruptions.

Further escalation could place additional pressure on energy markets, although actual price movements would depend on developments in the conflict, shipping conditions and expectations about future supply.

For countries dependent on imported energy, sustained disruption could contribute to higher fuel, transportation and production costs.

WHAT HAPPENS NEXT?

The immediate outlook remains uncertain. Indirect negotiations are continuing, but the public positions of Washington and Tehran indicate that significant disagreements remain.

A diplomatic breakthrough could provide a path toward reducing hostilities. A return to major military operations, by contrast, could deepen the confrontation and increase risks for shipping, regional security and energy markets.

Trump has signaled that he is considering both paths, but his statements do not establish which option he will ultimately choose.

For now, the key developments to watch are any new statements from the White House, the response from Iranian officials, progress through diplomatic intermediaries and the security situation around the Strait of Hormuz.

US & GLOBAL REPORT will continue to follow developments as new information becomes available.

Sources: CBS News, October 26, 2026; The Straits Times, October 26, 2026; Al Jazeera, October 25, 2026.