Ongoing diplomatic exchanges via Qatari and Pakistani mediators continue between the US and Iran over reopening the Strait of Hormuz, building on the June 2026 memorandum of understanding that outlined a 60-day ceasefire, naval blockade easing, and safe commercial transit. Iran is reviewing a US reply to its proposal and insists on first addressing its seven conditions, including sanctions relief and security guarantees, before nuclear discussions. Recent IRGC-linked attacks on multiple tankers have heightened maritime risks and reduced transits, while President Trump has ruled out strikes before the November 3 midterms amid claims of productive talks. These dynamics, alongside sequencing disputes and enforcement challenges, shape trader assessments of agreement prospects.