Ongoing US-Iran conflict, now in its fourth month, has produced low trader expectations for direct contact between President Trump and Supreme Leader Mojtaba Khamenei before early 2027. Mojtaba has issued written statements on armed readiness and the Strait of Hormuz while remaining out of public view following reported injuries from US strikes. Trump recently stated he would be honored to meet if negotiations yield a comprehensive deal, yet he rejected Iran’s recent Hormuz-reopening proposal tied to sanctions relief. Communications have occurred through intermediaries or in writing, with both sides focused on nuclear issues, military pressure, and energy routes. Any shift would require verified diplomatic progress within the resolution window.