Recent developments center on fragile US-Iran diplomacy amid an incomplete ceasefire. Qatar-mediated talks in early November 2026 produced an Iranian proposal for reopening the Strait of Hormuz within two days in exchange for ending the US naval blockade, lifting recent sanctions, and addressing other demands, yet Washington has not accepted the terms. Limited US strikes on Iranian air defenses near Qeshm Island occurred November 6–7, described by President Trump as minor defensive actions, while both sides continue indirect negotiations on nuclear limits and navigation. The June 2026 memorandum of understanding expired without a final deal, leaving intermittent violations and a persistent blockade in place. Traders weigh these stalled confidence-building steps against risks of renewed escalation before any broader agreement on sanctions relief or deconfliction.