Egypt maintains strict neutrality in the ongoing US-Iran conflict while actively mediating between Washington and Tehran through high-level contacts, including President El-Sisi’s meetings with the CIA director and recent calls with Iranian President Pezeshkian. Cairo has repeatedly urged de-escalation, condemned strikes on Arab states, and emphasized freedom of navigation in the Red Sea, Bab al-Mandab, and Strait of Hormuz. Iran has focused retaliatory actions elsewhere and denied involvement in prior incidents affecting Egyptian territory, such as the July 2026 Damietta port drone strike. These diplomatic patterns and Egypt’s avoidance of military alignment keep the implied probability of direct Iranian targeting low in trader consensus.