Trump calls Iran war 'effectively over' but keeps the blockade · Brent dips below $90 · Ukraine, Russia and US open Abu Dhabi talks as 162 Russian drones hit overnight

Risk stays high on Tuesday, Nov. 10, but the tone has eased: diplomacy is moving and oil is falling, while attacks continue on several fronts.

Iran and Hormuz: After meeting Qatar's prime minister Monday, President Trump said Iran is "militarily, effectively over" and new strikes are "quite unlikely," but the US naval blockade and a new land effort, Task Force Iron Gate, stay in place. Iran says its two-day plan to reopen the strait still stands if the US meets its terms, and denies that talks with Vice President Vance are planned. Iran's military says it targeted navigation systems on a rock in the southern strait.

Saudi Arabia and Yemen: Saudi forces say they shot down two missiles aimed at Riyadh Tuesday and one over the south, a day after a Houthi strike started a limited fire on the East-West oil pipeline. Saudi officials say pipeline operations were unaffected.

Ukraine/Russia: US-mediated talks with Russia and Ukraine opened in Abu Dhabi, the first since February. Overnight Russia launched 162 drones and a ballistic missile; Ukraine says it downed 135. Energy sites in the Poltava, Kyiv and Mykolaiv regions were hit, and Ukraine says attacks killed nine people over the past day.

Markets and US: Brent dipped below $90 for the first time since August. In western Washington, an atmospheric river brings heavy rain through Wednesday, with a flood watch in Mason County.

For USL readers: no new action needed. Watch the Abu Dhabi talks and Iran's next reply to the US. Keep fuel and basics topped off; in the Northwest, check flood plans and backup power.