US-Iran diplomatic engagement continues through mediated channels, with Pakistan and Oman facilitating indirect and direct talks focused on ending conflict, lifting blockades, reopening the Strait of Hormuz, and addressing Iran's nuclear program in phased negotiations. As of mid-June 2026, reports indicate a memorandum of understanding has been reached to launch a new round of formal talks after initial framework elements, following stalled April Islamabad sessions and May proposals where the US expressed dissatisfaction over enrichment pauses and sanctions relief sequencing. Trader sentiment reflects these incremental diplomatic steps amid an extended ceasefire, though persistent gaps on nuclear limits and verification keep near-term high-level meeting probabilities sensitive to any verified resumption announcements or renewed tensions.