As of mid-September 2026, limited U.S.-Iran strikes have resumed near the Strait of Hormuz and other sites, with Washington responding to Iranian attacks on naval vessels by targeting oil tankers, while both sides maintain sanctions pressure and diplomatic outreach through intermediaries. This follows the collapse of a June memorandum of understanding and earlier ceasefires that failed to resolve core disputes over nuclear inspections, ballistic missiles, and maritime access. Trader assessments of a formal congressional declaration of war reflect the pattern of sustained military operations without such authorization, consistent with recent U.S. engagements, alongside ongoing congressional debates over War Powers constraints and the absence of new legislative momentum. Upcoming diplomatic meetings and any escalation in tanker or naval incidents remain key variables that could influence sentiment.