US-Iran diplomacy remains channeled through President Masoud Pezeshkian and negotiators following the June 2026 memorandum of understanding that ended active hostilities after February US-Israeli strikes. Trump voiced conditional openness in early June to direct contact with Mojtaba Khamenei if it advanced a deal, while Iranian advisers explicitly ruled out such a meeting absent major concessions like asset releases. Mojtaba, appointed supreme leader in March after his father’s death, has stayed out of public view amid ongoing health speculation, with decision-making routed through the Supreme National Security Council. Fragile ceasefire implementation, missile program disputes, and mutual accusations continue to limit high-level engagement, keeping any direct Trump-Khamenei communication dependent on further diplomatic breakthroughs before the market resolution window.