Following the U.S.-backed strikes that killed Supreme Leader Ali Khamenei and prompted Mojtaba Khamenei's selection by Iran's Assembly of Experts, President Trump has signaled openness to negotiations with Iranian officials while voicing dissatisfaction with the new supreme leader and clarifying that direct talks involve other members of the leadership council. Recent statements from the White House emphasize conditional diplomacy tied to nuclear and ballistic missile issues, with Trump noting that any engagement depends on practical concessions. Traders price low probabilities for a Trump-Mojtaba conversation by late May or June, reflecting the emphasis on broader leadership channels, persistent regional tensions with Israel, and the absence of confirmed bilateral scheduling. Upcoming diplomatic pauses or multilateral talks could alter engagement paths.