US naval enforcement restricting maritime access to Iranian ports, reimposed in July 2026 after the collapse of the June Islamabad Memorandum ceasefire, remains active amid stalled talks. Iran has tied any reopening of the Strait of Hormuz to seven specific conditions tied to the memorandum, including sanctions relief and nuclear-related concessions, while rejecting recent US counter-proposals delivered through mediators. Traffic through the strait stays severely limited at roughly 8% of pre-crisis levels, with US forces continuing to redirect or interdict non-compliant vessels. Diplomatic exchanges continue without a public US announcement ending the blockade, and trader consensus on a December 31 resolution reflects the balance between ongoing negotiations and persistent enforcement.