Ongoing US-Iran military operations since February 2026 airstrikes, including repeated strikes on Iranian assets and a naval blockade tied to Strait of Hormuz control, have not prompted a formal congressional declaration of war. Recent developments center on stalled Iran-Oman talks, with Tehran conditioning any reopening on ending the US blockade, lifting sanctions, and receiving compensation, while the Trump administration emphasizes economic pressure and new preconditions for engagement. A June 2026 memorandum of understanding briefly paused major combat but unraveled amid renewed shipping attacks and US responses through early August. Constitutional authority requires Congress to declare war, a step historically avoided in favor of executive military actions, and current diplomatic and sanctions-focused approaches suggest traders view formal declaration as unlikely absent major escalation. Scheduled Hormuz negotiations and potential further strikes remain key near-term variables.