US and Iranian negotiators reached a framework for a 60-day ceasefire extension in mid-October 2026 to address the Strait of Hormuz crisis, with a signing ceremony planned in Geneva. The deal includes immediate suspension of blockades upon formalization, alongside technical talks on Iran's nuclear enrichment, sanctions relief, and maritime security. As of October 12, Tehran described the latest US proposal as insufficient on several conditions and is preparing a response through Qatari and Pakistani mediators, while Washington has signaled openness to further concessions. These diplomatic exchanges, amid intermittent regional tensions, shape trader assessments of ceasefire durability through late 2026.