The one-year-old US-brokered Gaza ceasefire, which ended major operations and secured hostage releases in October 2025, remains formally in place but highly fragile amid persistent low-level conflict. Israel has expanded control beyond the initial Yellow Line to roughly 65-70% of the territory through strikes and ground actions, killing over 1,400 Palestinians since the truce while citing Hamas rearmament and ceasefire violations. Hamas retains de facto security control in the remaining areas and has not disarmed, despite a July 2026 roadmap agreement with mediators that Israel rejected, insisting on full demilitarization before further withdrawals. Israeli Prime Minister Netanyahu's pre-election stance and disputes over sequencing with the Board of Peace have stalled Phase II implementation, including governance transition and reconstruction. These dynamics sustain trader focus on whether either party will issue a formal cancellation or if the status quo of targeted operations persists through upcoming Israeli elections and diplomatic deadlines.