Reza Pahlavi, the exiled son of Iran's former shah, remains outside the country amid the Islamic Republic's continued institutional control under Supreme Leader Mojtaba Khamenei, who assumed power in March 2026 following his father's death. Pahlavi has focused recent public statements and international appearances, including a Berlin press conference in April 2026, on urging the United States to back regime change rather than diplomacy, while positioning himself for a potential transitional role after any collapse. Domestic protests tied to economic pressures have persisted since late 2025 but have not produced the defections or power shifts needed for his physical return, and no confirmed security or logistical arrangements for entry have been reported. Traders assessing the market weigh these barriers against the possibility of rapid escalations in US-Iran tensions or internal upheaval within the resolution window.