US naval blockade of Iranian ports and Strait of Hormuz traffic, reinstated in July 2026 after a prior memorandum collapsed, remains actively enforced with no official US announcement of lifting or suspension as of late September. Recent indirect Iranian proposals delivered via mediators at the UN General Assembly, including conditional offers tied to eased military pressure, produced no verified diplomatic breakthrough or timeline for de-escalation before Xi Jinping’s scheduled White House meeting with President Trump. Traders reflect this absence of progress through near-certain pricing on the negative outcome. A late announcement during the visit or UN sessions could still alter resolution, though current conditions show no such development.