Recent U.S. military operations against Iran since February 2026 have centered on airstrikes targeting nuclear, naval, and missile sites, alongside naval enforcement in the Strait of Hormuz and sanctions pressure, rather than large-scale ground operations. Ongoing diplomatic efforts through Qatari and Omani mediators, including September 2026 UN General Assembly proposals for a blockade lift in exchange for Hormuz access, reflect continued preference for negotiated limits over escalation to invasion. U.S. force posture emphasizes air and sea assets, with recent deployments of carrier groups and Marines focused on strikes and deterrence. Trader pricing aligns with historical patterns favoring limited interventions and the high costs of occupation in Iran, amid active but contained exchanges as of early October.