Ongoing diplomatic efforts via Qatari and Pakistani mediators continue amid recent US defensive strikes on Iranian targets near the Strait of Hormuz in early November 2026 and Iran's rejection of US responses to its proposals as insufficient. Iranian officials have outlined demands including an end to the naval blockade, sanctions relief, and asset releases in exchange for limited Strait reopening, while both sides maintain active channels despite resumed exchanges since the June Islamabad Memorandum expired. US President Trump has signaled preference for talks over escalation following the November midterms, with a recent call to Qatar's emir underscoring mediation focus. These developments shape trader views on whether any de-escalation framework can hold through the resolution window.