Iran’s strategy of striking Gulf Arab states hosting U.S. forces has driven recent trader focus, with the Islamic Revolutionary Guard Corps issuing explicit warnings on November 5 that such countries are legitimate targets. Fresh missile and drone strikes on Bahrain, Kuwait, and Jordan followed U.S. actions, prompting Gulf Cooperation Council condemnation and underscoring risks to energy infrastructure and sovereignty. Diplomatic channels remain active, including Iranian Foreign Minister calls to Saudi, Qatari, and other counterparts plus high-level talks involving Saudi Arabia on regional security arrangements. Ongoing Houthi attacks on Saudi targets and preparations for possible renewed U.S. operations after the November 3 midterms add volatility. Traders weigh these escalation signals against mediation efforts by Qatar and others seeking to avoid broader spillover.