Ongoing indirect talks via Qatar, Pakistan and other mediators have stalled over Iran's seven conditions for reopening the Strait of Hormuz, which include lifting the U.S. naval blockade, releasing frozen funds and easing sanctions on oil exports. Washington has accepted some demands but insists on addressing Iran's nuclear program early in any framework, while Tehran prioritizes maritime security and Hormuz traffic first. A mid-September Iranian proposal prompted a U.S. reply that Tehran described as inadequate, with the review process continuing as of October 12. An earlier June memorandum of understanding collapsed amid renewed strikes, leaving trader consensus focused on whether sequencing disputes and compliance verification can be resolved before the market deadline.