Ongoing US-Iran tensions following the 2026 conflict, including stalled nuclear and ceasefire negotiations after a short-lived June memorandum of understanding unraveled amid breaches and Strait of Hormuz disputes, have kept direct high-level contact between President Trump and Supreme Leader Mojtaba Khamenei unlikely through late 2026. Trump publicly stated in June he would be “honored” to meet or talk with Khamenei if a broader deal emerged and described the sides as “getting along quite well,” yet Iranian officials quickly dismissed any such encounter as unrealistic. Khamenei’s recent appointments of hardline security figures and public warnings against further US actions have reinforced a cautious Iranian posture. Trader pricing reflects these diplomatic barriers and the absence of confirmed bilateral channels, though any breakthrough in asset unfreezing, enrichment talks, or de-escalation could alter timelines.