The October 2025 U.S.-brokered ceasefire between Israel and Hamas has held since its initial phase but remains stalled over the transition to disarmament and further Israeli withdrawals. Deadlock in negotiations has intensified in recent weeks, with both sides accusing each other of violations, including Israeli airstrikes targeting Hamas figures and persistent border incidents. The U.S.-led Board of Peace has described Hamas disarmament as non-negotiable for advancing reconstruction and governance reforms, while Israeli forces have expanded control beyond the original demarcation lines. These frictions, combined with ongoing humanitarian constraints and periodic flare-ups, continue to shape trader assessments of whether the truce will be formally cancelled in the months ahead.