Iran says Hormuz stays shut until US meets its terms as more tankers hit mines · Brent rebounds near $92 · Abu Dhabi Ukraine talks end, no breakthrough announced

Risk stays high on Wednesday, Nov. 11. Diplomacy is active, but attacks on shipping, Saudi Arabia and Ukraine have not slowed.

Iran and Hormuz: Iran's security chief Mohsen Rezaei says the strait will not reopen until the US meets Tehran's seven conditions, which include lifting sanctions and the blockade, and denies any talks are underway. Iran's navy and Revolutionary Guards say tankers caught fire after hitting mines on "unauthorized" routes in the eastern strait; UKMTO reported tanker incidents, including one hit by a projectile off Oman. Attacks on ships near Hormuz reached a wartime monthly high in October.

Saudi Arabia and Yemen: Saudi forces intercepted missiles aimed at Riyadh and the south; the Houthis claim strikes on Riyadh's airport, the East-West pipeline and Abqaiq. Riyadh schools have moved online.

Ukraine/Russia: US-brokered talks in Abu Dhabi ended after two days with no breakthrough announced. Overnight Russia launched 163 drones and a missile; Ukraine says it downed 130 drones and 14 missiles. Kharkiv and Zaporizhzhia were hit, and parts of Kryvyi Rih lost power.

Markets and US: Brent rebounded to about $92 after dipping below $90 Tuesday. Treasury Secretary Bessent has moved to a military base amid Iranian threats. In western Washington, rivers are flooding in Mason County.

For USL readers: no new action needed. Keep fuel and basics topped off, and avoid flooded roads in the Northwest.