US and Iranian officials continue indirect talks through Qatari and other mediators following Iran's late-September proposal at the UN General Assembly for a seven-day process to reopen the Strait of Hormuz in exchange for ending the US naval blockade, sanctions relief on oil exports, and release of frozen assets, after which nuclear negotiations would resume. President Trump publicly rejected the offer, citing sequencing concerns, while both sides remain divided on whether verifiable limits on Iran's nuclear program—including its stockpile of 60 percent enriched uranium—must precede or follow economic concessions. A June memorandum of understanding that aimed to extend a ceasefire and launch broader talks collapsed amid renewed tensions. Traders are monitoring any movement before US midterms or further diplomatic signals on a potential final agreement addressing enrichment, verification, and sanctions.