Recent US-Iran diplomatic progress, including an October 2026 memorandum of understanding and Treasury general license authorizing Iranian crude, petrochemical, and petroleum exports for 60 days, has provided temporary sanctions relief amid efforts to reopen the Strait of Hormuz and stabilize energy flows. This follows the July revocation of the prior General License X after tanker incidents, with oil prices showing modest declines on easing supply concerns while Brent and WTI benchmarks remain elevated near $100–110 per barrel. Concurrent Treasury enforcement under Operation Economic Outcast, sanctioning dozens of shadow fleet vessels and facilitators, underscores limits to any broader rollback and ties relief to compliance milestones. Trader sentiment for reissuance by October 31 reflects the narrow window to resolution, sensitivity to nuclear verification progress, and potential impacts on global energy revenue and monetary policy expectations.