Recent indirect contacts between US and Iranian officials on the sidelines of the September 2026 UN General Assembly, mediated by Qatar, represent the most recent diplomatic engagement, with US envoys Steve Witkoff and Jared Kushner exchanging proposals with Iranian Foreign Minister Abbas Araghchi. Discussions centered on reopening the Strait of Hormuz, easing US sanctions and naval measures, and addressing Iran's nuclear program amid the ongoing regional conflict that began earlier in 2026. President Trump publicly rejected Iran's latest offer while noting possible progress after the November 3 midterms, and Iran later described the US response as insufficient. These developments, alongside mediator involvement and competing pressures from military and economic levers, shape trader views on the timing of any future direct senior-level meeting.