Ongoing indirect negotiations between the US and Iran, mediated by Qatar, Pakistan, and Russia, center on reopening the Strait of Hormuz, lifting naval blockades and sanctions, and addressing Iran's nuclear program. Recent developments include Iran's September seven-day ceasefire proposal remaining under review after partial US responses, Russian Foreign Minister Lavrov's October 19 visit to Tehran aimed at preventing broader conflict, and the absence of major new strikes since earlier intermittent exchanges. These diplomatic channels, combined with mutual economic pressures and the approaching US midterms, underpin trader consensus that the current de-escalation holds through November, though unresolved disagreements over sequencing and compliance could still trigger shifts.