Hormuz tankers hit mines as Iran calls US reply "not convincing" · Russian drones hit Ukraine's grid again · Democrats win Congress in midterms

Risk stays high on Wednesday, Nov. 4. Talks to end the Iran war are alive but not close to a deal, shipping in the Strait of Hormuz is still being hit, and Russia keeps striking Ukraine's power system.

Iran and the Strait of Hormuz: Iran's Supreme National Security Council secretary, Mohsen Rezaei, said on Tuesday that the US response to Tehran's seven conditions for reopening Hormuz was "not convincing." Those conditions include lifting sanctions and ending the US naval blockade. Qatar says both sides remain committed to the talks and that mediators expect feedback on a new proposal within about 36 hours. Early Wednesday, Iran's Revolutionary Guards claimed four oil tankers caught fire after hitting mines in a route south of the strait and that two more vessels were halted; this is Iran's account and has not been independently confirmed. This follows limited US "defensive" strikes on Iran's Qeshm Island on Monday night. President Trump told the Financial Times he has no immediate plans to order new attacks, though he has repeatedly threatened to resume major strikes after the election. Lebanon's prime minister warned against being dragged back into a wider war.

Ukraine/Russia: Russia launched 310 drones overnight into Wednesday; Ukraine says it neutralized 272 and that 19 locations were hit, including energy facilities in Zhytomyr, Ternopil and Rivne, and a shopping center in Odesa. Attacks on the grid caused power and water outages in Kyiv and surrounding regions, and most of Kovel lost power. In Zaporizhzhia region, authorities now confirm 37 dead from Monday's guided-bomb strike on a school and shelter, with about 38 people possibly still trapped. US, Russian and Ukrainian officials are due to meet in Abu Dhabi on Nov. 10-11.

Energy: Brent settled at $103.60 on Tuesday, its lowest close since Oct. 7, with WTI at $96.09. Both edged up on Wednesday, with Brent near $104, as traders waited to see what Washington does next. US crude inventories fell, and diesel s