Mediation countries including Qatar, Egypt, and Pakistan have proposed a 10-day ceasefire to reopen the Strait of Hormuz and give time to revive a faltering memorandum of understanding on maritime transit. The Trump administration is reviewing the proposal but has not yet committed, while both Washington and Tehran continue actions to strengthen their negotiating positions. Iran has confirmed receipt of the mediation offer, and the U.S. has deployed additional fighter jets and refueling aircraft as a precaution against potential escalation. A central feature under discussion is a maritime-security framework that could involve Iran receiving service fees or a joint fund managed with the International Maritime Organization, though no agreement has been reached. Markets face a fork: a diplomatic pause could ease crude prices, while a coordinated U.S.-Israeli campaign could push them higher due to risks to Gulf flow. The outcome remains uncertain as both sides weigh diplomacy against potential renewed conflict in the coming days.