Recent indirect talks via Qatari mediators in New York have centered on sequencing an interim agreement to reopen the Strait of Hormuz, lift the U.S. naval blockade and sanctions on Iranian oil, unfreeze assets, and resume nuclear discussions. Iran’s seven-day proposal ties Hormuz access to these steps first, while U.S. officials emphasize prior nuclear concessions including IAEA inspections and limits on enrichment or stockpiles. President Trump publicly rejected the latest Iranian offer yet signaled continued engagement, following the collapse of a June memorandum of understanding. These dynamics, amid seven months of conflict and economic pressure on both sides, shape trader consensus on likely deal components and timelines through year-end.