What is the right course of action?

Your choices 1 and 2 are correct because this intersection is controlled by priority-road rules, not “right before left.”

The yellow diamond sign means you are on the priority road. The small additional sign shows the priority road bends to the right. When you want to leave the priority road by turning left, you must yield to oncoming traffic that stays on the priority road. That’s why you may only turn after the motorcycle (answer 1): it is coming toward you on the priority road, so it has priority over your left turn.

The yellow car is coming from a side road that has to yield to the priority road. Since you are still on the priority road while turning left, you can go before the yellow car (answer 2). A helpful rule of thumb: turning left always yields to oncoming traffic on the same priority level, but traffic from a non-priority side road must wait for all traffic on the priority road, even if that traffic is turning.

So the correct order is: motorcycle first, then you, then the yellow car.