Recent US statements from President Trump and Secretary of State Rubio, including declarations that major combat operations are unnecessary for now due to economic pressure and that renewed strikes are highly unlikely with nuclear and Strait of Hormuz progress, have supported trader expectations for an imminent de-escalation. Quiet negotiations mediated by Qatar continue amid Iranian demands for an immediate end to the naval blockade, sanctions relief, and a halt to actions on all fronts before formal talks advance. Intermittent US strikes near Qeshm Island in early November and the sustained blockade have so far blocked any sustained 14-day pause. Scheduled diplomatic meetings and potential IAEA access discussions in the coming weeks remain key variables that could either extend the current status quo or trigger resolution of the market.