President Donald Trump broke his recent stream of threats directed at Iran by showing “openness” to resuming negotiations with Tehran. This position coincided with a Pentagon report that, for the first time, acknowledged that the war with Iran had led to a “shortage” of American munitions, a claim the White House vehemently denies. It maintains that the U.S. military possesses ample quantities of various weapons and accuses the media, which has reported on dwindling American stockpiles, of treason.
Trump’s hints that he would not oppose a renewed dialogue with Iran were accompanied by another round of sanctions, this time targeting VTB Bank, Russia’s second-largest bank. The bank was accused of building relationships with sanctioned Iranian banks and transferring billions of dollars in Iranian assets. Under the new measures, its assets in the United States will be frozen, and transactions with it will be prohibited.
However, Trump wrapped his openness to dialogue in what he described as Iran’s desire to reach an agreement “very fast.” Tehran, meanwhile, responded through Mohsen Rezaei, Secretary of the Supreme National Security Council, saying that “there will be no talks unless Iran’s conditions are met.” This was an indication of Tehran’s demand for an end to American strikes and threats, the release of about $24 billion in frozen Iranian assets abroad, the withdrawal of Israeli forces from Lebanon, and an end to the blockade on Yemen. Tehran also demanded guarantees that its nuclear and missile capabilities would not be targeted in the future.
The emerging American flexibility is not due solely to the Pentagon report or to an actual Iranian desire to reach an agreement, as Trump claims. It is also linked to highly dangerous developments unfolding across the region and putting pressure on the United States.
The recent spike in energy prices has followed disruptions to supply chains from the Middle East. Houthi attacks on Yemen’s western coast, the group’s control over the Bab al-Mandab Strait, and its continued targeting of civilian infrastructure inside Saudi Arabia have all contributed to driving oil prices higher. In addition, the pipeline linking eastern and western Saudi Arabia on the Red Sea was knocked out of service after an attack by drones launched from Iraqi territory.
Amid growing concerns over the escalating war in the Middle East, U.S. bond markets faced intense selling pressure. Yields on 10-year U.S. Treasury bonds are used as benchmarks for pricing other assets in global financial markets, meaning that any sharp rise in borrowing costs for Washington has repercussions for countries, companies, and families worldwide.
Officials in the U.S. administration began to feel that the regime in Iran was making efforts to withstand the economic hardships caused by the American maritime blockade and sanctions aimed at defeating the Republicans in the November 3 elections. The federal Supreme Court’s rejection of restrictions proposed by Trump on mail voting is not good news for him.
Moreover, there is no confirmed opportunity to revive diplomatic efforts soon. Iran did not hide its displeasure with Saudi Arabia’s request to postpone the Salalah meeting, scheduled for Monday, to review the agreement Tehran and Muscat reached regarding the establishment of a “temporary corridor” in the Strait of Hormuz.
A person refueling diesel at a gas station in Texas where the average price per gallon in the United States reached $6.23, September 14, 2026. (AP)
The postponement was followed by a Houthi escalation, represented by the bombing of a military base in Khamis Mushait in southern Saudi Arabia on Monday. Today, the Saudi Civil Defense issued warnings of potential dangers in six cities, including Yanbu, the kingdom’s main oil port on the Red Sea, where millions of barrels are loaded daily.
Saudi Arabia vowed a “responsible and firm” response to the Houthi attacks, while Crown Prince Mohammed bin Salman headed to Egypt to meet President Abdel Fattah el-Sisi.
Although the Houthis linked the escalation to what they described as Saudi airstrikes on their positions along Yemen’s western coast, the integration between the Hormuz and Yemen fronts is difficult to conceal, even though Iran denied any connection with the ongoing events in the Red Sea and stressed that the Houthis make their decisions “independently.”
Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with Egyptian President Abdel Fattah el-Sisi during their meeting in Cairo, September 15, 2026. (Presidency of Egypt)
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