Qatari mediators in Tehran as Trump weighs “deal or finish them off” · Houthis fire 12+ missiles at Saudi Arabia · Russia sends 140 drones at Ukraine

Risk stays high into Monday, Oct 26. Diplomacy picked up over the weekend, but so did Houthi missile fire at Saudi Arabia, and Hormuz traffic is still far below normal.

Middle East: Qatari mediators were in Tehran Sunday, in an effort coordinated with Washington to head off renewed U.S.-Iran fighting. President Trump said there would be no strike that day but framed his choice as a deal or "finishing them off." Iran's army claims it shot down a U.S. drone over Bandar Abbas; that is unconfirmed. U.S. Central Command says the main Hormuz lanes are clear of mines, yet the Navy-led maritime advisory keeps the strait at its highest threat rating, and independent tracking shows single-digit daily crossings versus about 85 before the war.

Saudi Arabia/Yemen: The coalition says it intercepted 10 Houthi ballistic missiles aimed at the south Sunday, plus missiles and drones aimed at Riyadh and Khamis Mushait. Debris injured two people. Riyadh's main airport reopened two terminals; the Houthis say it is still a target.

Ukraine/Russia: Russia launched 140 drones and four missiles overnight. Ukraine says it downed 112 drones and three missiles; at least nine people were hurt, and a power facility in Khmelnytskyi region was hit.

Energy: Brent eased about 2% Monday to near $114.50, off Friday's six-month high. Analysts warn strikes on Iran could still follow the Nov. 3 midterms.

For USL readers: no new action needed. Keep fuel topped off, and check State Department advisories before any Gulf travel.