US-Iran diplomacy amid an active conflict centers on efforts to reopen the Strait of Hormuz, limit Iran's nuclear and missile programs, and ease sanctions, with indirect talks continuing through mediators following rejected proposals and military exchanges. President Trump has publicly stated that negotiations will persist to determine if a viable deal can be reached, while signaling openness to engagement with Iranian leadership, including Supreme Leader Mojtaba Khamenei, contingent on acceptable terms. Recent meetings with Israeli Prime Minister Netanyahu reinforced this approach without definitive agreements, as both sides navigate internal divisions, health rumors surrounding Khamenei, and timelines tied to US midterms. These developments shape trader assessments of whether direct Trump-Khamenei contact occurs within the market's resolution window.