Recent indirect talks via Qatari mediators on the sidelines of the September 2026 UN General Assembly have centered on reviving elements of the June memorandum of understanding, which outlined sanctions relief, unfreezing of Iranian assets, reconstruction funding, and a framework for nuclear discussions in exchange for maintaining the status quo on enrichment and eventual downblending under IAEA oversight. Iran’s seven-day proposal to reopen the Strait of Hormuz—contingent on ending the U.S. naval blockade, halting hostilities, and easing oil sanctions—was publicly rejected by President Trump, who instead signaled willingness to provide limited relief only for concrete nuclear concessions. Both sides have expressed openness to further dialogue in coming weeks, though deep mistrust persists over sequencing, verification, and regional security issues including proxies. These stalled dynamics, coupled with ongoing economic pressure on Iran and U.S. emphasis on non-proliferation, shape trader assessments of likely deal components by year-end.