US and Iranian officials continue indirect talks mediated by Qatar amid a fragile ceasefire following the February 2026 conflict, with both sides reviewing fresh proposals as of early November. The most recent development occurred when US forces conducted limited defensive strikes on surface-to-air missile sites on Iran’s Qeshm island in the Strait of Hormuz on November 2–3, described by officials as targeted responses rather than a return to major operations. Tehran has conditioned any reopening of the strait or broader de-escalation on the lifting of sanctions, an end to the US naval blockade, release of frozen assets, and cessation of fighting on all regional fronts. President Trump has indicated ongoing discussions and openness to a settlement while declining to rule out further action after US midterm elections, leaving trader assessments of ceasefire durability focused on whether mediators can bridge persistent gaps in the coming weeks.