The hour's clearest thread is Iran diplomacy. Talks to reopen the Strait of Hormuz are advancing even as Iran warns of a wider response if attacked ¹. Tehran says it is still exchanging messages with Washington through mediators and pressing a revised 7-stage plan it says could start within 2 days ². Oil fell more than 3% as those diplomacy hopes prompted profit-taking after an October rally ³, and markets are hedging ahead of the US midterms with Brent already pushed lower by hopes of a US-Iran agreement ⁴. Falling crude dragged European energy majors and the FTSE 100's oil names lower ^5,6. Pulling the other way, Goldman raised its oil price forecast on high supply disruption risks ⁷, and Ryanair warned European fares could climb as much as 20% next year as its fuel bill jumps by $2.2 billion ⁸. The Washington picture is contested. A commentator alleges Netanyahu is pressing Trump to strike a suspected Iranian nuclear site while JD Vance and Steve Witkoff push for diplomacy ⁹, and Trump reportedly favors more time for talks before new strikes ¹⁰. A Reuters investigation describes a hidden Iranian military network moving equipment past the US blockade ¹¹. In crypto, the aftermath of Binance's $6.3B hack dominated. Co-CEO Yi He rejected comparisons to FTX ¹², and outflows reached $6 billion once withdrawals restarted, under 4% of total holdings ¹³. Binance says the exit rush is slowing ¹⁴, and Bitcoin held steady ¹⁵. Separately, the Bank of England is consulting on letting clearing houses accept tokenized assets as collateral ¹⁶, and HSBC's RedCoin stablecoin drew 50,000 users in its first week ¹⁷. Don't miss Oleshky. Melania Trump said a ceasefire there concluded successfully ¹⁸, but Sky News footage shows Russian forces used it to bring in armour and ammunition, reinforce positions and rotate troops ¹⁹. Elsewhere, Russia launched 193 drones at Ukraine overnight, killing one in Izium and wounding at least 17 ²⁰. On the US midterms, Democrats lead in five Republican-held Senate races ²¹, and Michigan Democrat Haley Stevens backed Republican Mike Rogers over her party's nominee ²². A federal judge also dismissed a Justice Department suit trying to block certification of Alaska's Senate results . In Europe, Alstom shares fell 26% after it cut its profit forecast over technical problems with Coradia Max trains ^23,24. Fitch moved France's outlook to negative ²⁵, and Russia-friendly Iliana Yotova won Bulgaria's presidential runoff with 57.58% ²⁶.