China steps up Gulf diplomacy on US-Iran war, meets Iran and Oman

▼ Easing

Oil falls over 6% as Iran offers two-day plan to reopen Hormuz and resume talks

On Monday Brent crude fell more than 6.5% to as low as $105.55 a barrel, its lowest since 16 October, on hopes of a breakthrough. Iran says it has a two-day plan to reopen the Strait of Hormuz and resume nuclear talks with the US, while Israeli Prime Minister Netanyahu says he wants to "finish the job" first. Iran's IRGC said two tankers hit mines and caught fire in the strait, and Trump repeated at a Sunday rally that he might resume strikes. Indirect talks in Doha ran into a third day on Sunday ahead of Tuesday's US midterms.

• Iran says its plan would take two days, down from an expected seven, to reopen Hormuz and restart nuclear talks; Netanyahu says he wants to "finish the job".
• Trump said at a Sunday rally he may give Tehran "the hammer", after earlier saying he would not strike before the midterms. Iran warns a renewed war could outlast the last one and that retaliation would not be limited by geography.
• Qatar is trying to negotiate the release of more than $6bn in Iranian assets, and Gulf officials await Washington's response to an Iranian proposal.
• China is sending an envoy to the Gulf, and Ryanair warns it may freeze pay over fuel costs.