US and Iranian officials continue to exchange proposals through Qatari mediation for an interim framework that would halt direct hostilities, lift the US naval blockade, reopen the Strait of Hormuz under agreed traffic rules, and defer core nuclear and sanctions questions to a 60-day follow-on period. President Trump has described the military phase as effectively concluded and signaled no immediate need for renewed strikes, citing regional pressure and economic measures, while Secretary of State Rubio has rejected Tehran’s seven conditions as unrealistic. Iran maintains that implementation of its demands—including asset releases, sanctions relief, and an end to all-front hostilities—must precede any formal pause or deeper talks, with recent offers to compress the initial implementation window to two days. Low-level incidents persist alongside these diplomatic exchanges, leaving traders focused on whether verifiable de-escalation materializes within the next several weeks.