US President Donald Trump speaks to reporters before boarding Marine One as he departs the White House for Joint Base Andrews, Maryland, en route to Fort Myers, Florida, on the South Lawn of the White House in Washington, DC, US, October 23, 2026.
Evan Vucci | Reuters
U.S. President Donald Trump has said he was deciding whether to "make a deal" with Iran or "finish it off" as investors weigh heightened tensions across the Middle East.
"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 in a Fox News interview on Sunday.
Mediators from Qatar, which has played a key role in efforts to negotiate an agreement between Washington and Tehran, visited Tehran on Sunday, per Reuters. It comes as attacks by Iran-backed Houthi militants on Saudi Arabia continued over the weekend.
The last confirmed U.S. strikes on Iran were on Sept. 1. Trump previously said strikes would not resume until after the Nov. 3 midterm elections. Tehran says it is preparing a military response to any U.S. attacks.
A potential U.S. target could be Pickaxe Mountain, a deeply buried site linked to Iran's nuclear program, Trump said in the Sunday interview.
"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.
Trump also repeated the claim that the U.S. controls the Strait of Hormuz, a key waterway for global trade and a major flashpoint in the conflict, citing that crude oil flows have returned to pre-war levels.
Energy prices nonetheless remain elevated amid the disruption and a global refining squeeze.
Washington and Tehran have both repeatedly claimed they control the route, where overall trade flows remain severely curtailed, impacting consumer prices.
A Singapore-flagged container ship sank in the strait earlier this month after being struck by an unidentified projectile and catching fire.
Iran Revolutionary Guard navy chief Ali Ozmaei said earlier this month that Tehran is "counting the moments" until it can sink American warships.
Regional powers seek Iran talks
Senior officials from Saudi Arabia, Turkey and Pakistan are meeting Iran's leadership in Tehran on Monday
The three countries signed the Makkah Joint Defence Agreement in August, committing to closer defense cooperation and stipulating that an armed attack against one member would be regarded as an attack against all.
It is the first meeting of the group since Houthi missiles and drones targeted sites across Saudi Arabia, including Riyadh airport and an administrative building belonging to oil giant Saudi Aramco.
Saudi Arabia last week postponed its flagship Future Investment Initiative conference until 2027 due to security concerns after a string of fatal strikes.