Indirect diplomacy between the United States and Iran continues through mediators such as Qatar and Pakistan, focused on sequencing steps to reopen the Strait of Hormuz, lift related sanctions and naval restrictions, and address Iran's nuclear program. As of mid-October 2026, Iran is reviewing a U.S. response to its September proposal and plans to reply via intermediaries, while Washington emphasizes early limits on uranium enrichment. Recent high-level exchanges on the sidelines of the UN General Assembly produced no breakthrough, with both sides maintaining open channels yet preparing for possible renewed hostilities ahead of U.S. midterms. These dynamics, including persistent disagreements over conditions and guarantees, shape trader assessments of whether formal rounds involving key officials can occur by year-end.