US and Iranian officials are conducting indirect talks in New York through Qatari mediators aimed at ending seven months of hostilities, reopening the Strait of Hormuz, and addressing Iran's nuclear program. Iran has offered a seven-day plan linking Hormuz access and sanctions relief to initial steps on enriched uranium, while the US under President Trump conditions any broader agreement on concrete nuclear concessions such as IAEA inspections and stockpile disposition. These efforts build on a June 2026 memorandum of understanding that collapsed amid disputes over timing and implementation. Traders are weighing persistent gaps in sequencing commitments against Iran's economic pressures and the administration's leverage from sanctions, with resolution hinging on verifiable progress before any final nuclear accord.