According to CoinMeta, as reported by Bloomberg, Iranian officials privately believe that the prospects for reaching an agreement to end hostilities and reopen the Strait of Hormuz before the mid-term elections on November 3 are slim. Negotiations in New York have made limited progress, with nuclear concessions and the reopening of the Strait of Hormuz remaining key obstacles. Negotiations through intermediaries continue, but hopes for a near-term breakthrough have diminished, which has pushed Brent crude oil prices above $106.