Reza Pahlavi remains in exile in the United States as of mid-May 2026, continuing to position himself as a potential transitional leader for a post-regime Iran while urging Western governments to support regime change rather than negotiations with Tehran. Recent statements at the POLITICO Security Summit and other forums emphasize that Iranian internal forces would drive any transition, with Pahlavi ready to return before or immediately after any collapse. Ongoing U.S. and Israeli military actions have weakened the current leadership's position, yet the regime retains control through its security structures, and Pahlavi has not attempted physical entry. Trader assessments of near-term entry therefore hinge on the pace of any internal upheaval or diplomatic shifts within the resolution window.