Trump renews Iran strike threat as Tehran warns a new war could last longer

US President Donald Trump renewed his threat of military action against Iran at a campaign rally in Iowa on Sunday, saying Washington may eventually have to give Iran what Arab News quoted him as calling "the hammer". Arab News reported that he said he had held back from further attacks to avoid more casualties. The US midterm elections are scheduled for November 3.

Gulf News reported that Trump also told the rally the war with Iran will end very soon. He defended higher oil prices as "a very small price to pay" for security and forecast a sharp fall in fuel prices once hostilities end. He claimed the US military campaign prevented Tehran from acquiring nuclear weapons, but gave no timetable or details of a possible settlement.

Iran's army spokesman warned on Sunday that any new war could extend beyond the Middle East and last much longer than the previous conflict. Arab News reported that Supreme Leader Khamenei has also warned of a response to US and Israeli strikes that would not be limited geographically.

US Secretary of State Marco Rubio said Trump has not decided whether to launch new strikes and prefers a diplomatic resolution. The White House said no order to resume strikes had been given. Axios, citing sources, reported that Israeli Prime Minister Benjamin Netanyahu is pressing Trump to strike immediately after the midterms, while Trump currently wants negotiations to continue. Trump said he had a good conversation with Netanyahu and that they discussed Iran.

The Atlantic reported, citing two outside advisers, that a new round of attacks could come soon after the midterms and that Trump has been asking allies about the performance of War Secretary Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine. Some people close to Trump accused Hegseth of giving him an overly optimistic picture, which the Pentagon rejected. The White House said Trump has full confidence in both men.

Iranian negotiators held a third consecutive day of talks with Qatari mediators in Doha on November 1, aimed at ending the war between Iran and the US and Israel. Iran's initial proposal was a seven-day plan with daily confidence-building steps before broader peace talks. According to a report citing Foreign Minister Abbas Araghchi, it was cut to two days. Araghchi said: "I can say that we have now reached a two-day plan." Under it, the US would implement measures on day one and the Strait of Hormuz would reopen on day two.

The two-day plan is a proposal, not an agreed deal, and is conditional on US action. The US has not publicly accepted it. Iranian state media also reported that two oil tankers exploded after hitting mines in Hormuz on a route the IRGC Navy declared unauthorised.

Oil prices have exceeded $100 a barrel amid disrupted Gulf shipments. At 10.11 am Beijing time on Monday, WTI crude was down $2.39 at $101.7, Brent was down 2% at $111.2, and Murban was up 1.85% at $114.8 per barrel.