Reza Pahlavi continues to operate from exile while advocating for international backing to support a transition away from the Islamic Republic, with recent public statements emphasizing that regime change must precede any stable return to Iran. In May 2026 he addressed audiences in Washington and Berlin, urging the United States to withhold negotiations with Tehran and instead assist domestic opposition efforts, while reiterating plans for a prepared transitional structure ready to restore order once the current government falls. These activities build on earlier March 2026 remarks at CPAC and other forums outlining a post-regime framework, yet no confirmed security arrangements, airport access, or entry permissions under existing authorities have been announced. Traders monitoring this market therefore weigh the low likelihood of physical entry by mid-2026 against the possibility of accelerated developments if external pressures or internal instability intensify before year-end deadlines.