Recent indirect talks mediated by Qatar at the UN General Assembly have centered on proposals to reopen the Strait of Hormuz in exchange for sanctions relief and asset releases, though U.S. officials have rejected Iran's terms while signaling openness to limited diplomacy on the nuclear program. Ongoing U.S. airstrikes target IRGC assets, paired with a naval blockade and secondary sanctions, but remain focused on degrading capabilities rather than ground operations. President Trump has referenced possible further military steps yet emphasized that the conflict could conclude through deals or targeted action, with no public mobilization or statements indicating plans for a full-scale invasion. These developments, amid an eighth month of hostilities that began with February 2026 strikes, sustain trader views that large-scale ground intervention is unlikely before 2027.