US and Iranian officials are engaged in indirect talks through Qatari and Pakistani mediators to sustain the fragile ceasefire that has held since the June 2026 memorandum of understanding, despite the collapse of the initial 60-day negotiation window. Recent diplomatic activity centers on Iran's proposal to reopen the Strait of Hormuz within seven days in return for the US lifting its naval blockade, unfreezing assets, and easing oil sanctions, with Washington conditioning any relief on concrete nuclear concessions. No direct US-Iran strikes have occurred in recent weeks, yet tensions persist over linked conflicts in Lebanon and enforcement of navigation rights. Traders are monitoring the expected US response to Iran's latest offer and any scheduled follow-up contacts this week, as delays or renewed incidents could alter the trajectory of de-escalation efforts.