US and Iranian negotiators reached a tentative 60-day ceasefire framework in early October 2026 to address the Strait of Hormuz blockade, sanctions relief, and nuclear issues, though implementation remains uncertain amid reports of delayed signing and differing interpretations of terms. President Trump has paused major strikes multiple times, including extensions tied to Pakistani and Qatari mediation, while signaling possible resumption of operations before the November 3 midterms if progress stalls. Tehran insists on immediate blockade relief and rejects major nuclear concessions, with the IRGC holding significant influence over policy. Both sides continue military posturing and force buildups in the region, and Israeli actions have repeatedly complicated direct talks. Traders are monitoring whether the latest diplomatic window holds through key dates or collapses into renewed escalation.