US-Iran diplomacy remains stalled amid Iran's insistence on seven preconditions—including ending the US naval blockade of its ports, sanctions relief, and asset releases—before any sustained pause or negotiations on nuclear issues and reopening the Strait of Hormuz. President Trump stated on November 12 that the US does not need a deal, citing control over the waterway and frozen assets, while directing attention elsewhere after meeting Qatari mediators. Secretary of State Rubio rejected Tehran's terms as unrealistic, with low-level incidents continuing since the April 2026 ceasefire framework. Recent Qatari proposals for short confidence-building periods have not produced agreement, leaving trader focus on whether limited de-escalation signals or renewed strikes could shift the timeline for an effective two-week pause.