President Trump is set to meet with leaders from the Gulf Cooperation Council, including Saudi Arabia and the UAE, to discuss strategies for the ongoing war with Iran. This meeting comes amid stalled ceasefire talks and increasing attacks from Iran and Houthi militants, which have disrupted energy exports and caused fluctuations in oil prices.
The discussions will likely focus on U.S. proposals for a postwar strategy, although a finalized plan is not expected until after the U.S. midterm elections in November. The economic impact is already being felt, as Saudi Arabia has shut down its East-West Pipeline due to drone attacks, leading to concerns over crude oil supply.
As of now, Brent crude is priced at $105.8 per barrel, while West Texas Intermediate is at $102.14. The situation remains fluid, with analysts suggesting that Iran may be open to negotiations after the midterms, but continued diplomatic reluctance could prolong the conflict significantly