Recent U.S.-Iran negotiations have produced a tentative 60-day ceasefire framework aimed at reopening the Strait of Hormuz, with signing slated for Geneva in the coming days. An Israeli strike in Beirut recently delayed progress and triggered Iranian threats of direct retaliation, though additional U.S. concessions helped avert escalation and preserve indirect talks. Parallel Israel-Hezbollah arrangements in Lebanon remain fragile, with Tehran conditioning broader de-escalation on limits to Israeli operations against Iran-backed groups. Ongoing maritime attacks in the strait, proxy activity, and U.S. midterm election timing add pressure, as traders assess whether these diplomatic steps and enforcement mechanisms can sustain the Israel-Iran truce amid competing regional demands.