US-Iran negotiations over Iran's nuclear program, ballistic missiles, and reopening the Strait of Hormuz continue through mediators such as Qatar and Oman, amid an active conflict that has included US strikes and Iranian responses following the death of Supreme Leader Ali Khamenei and Mojtaba Khamenei's succession. President Trump has publicly signaled openness to a deal while stating that talks will proceed to test whether an agreement can be reached, yet he has also outlined military alternatives if diplomacy fails and has not indicated plans for direct contact with the new Iranian leader. Mojtaba Khamenei has endorsed certain memoranda while rejecting nuclear concessions and affirming Iran's missile capabilities. These dynamics, combined with procedural reliance on envoys rather than head-of-state engagement, underpin trader assessments that a verified phone call, video meeting, or in-person discussion remains improbable before year-end resolution windows. Upcoming diplomatic deadlines or escalation events could alter timelines.