US-Iran talks mediated by Qatar remain stalled over core Iranian demands, including an end to the US naval blockade, sanctions relief on oil exports, and release of frozen assets, in exchange for reopening the Strait of Hormuz and a broader cessation of hostilities. Limited US defensive strikes on Iranian targets near the strait occurred immediately after the November 3 midterms, which featured voter opposition to the conflict as a key issue. President Trump has signaled openness to a negotiated settlement while keeping military options available, and Iranian officials have described the US response to recent proposals as unsatisfactory. These dynamics, including the breakdown of the earlier June memorandum of understanding, continue to shape trader assessments of whether any ceasefire arrangement can hold.