President Masoud Pezeshkian continues to serve without any constitutional vacancy that would require a snap presidential election under Iran's rules, which mandate a vote within 50 days only after death, resignation, or confirmed incapacity, followed by Guardian Council appointment of an interim leader. No such development has occurred in recent weeks, and earlier unverified reports of health or internal issues did not materialize. Pezeshkian maintains a full public schedule, including direct engagements with Supreme Leader Ali Khamenei. The standard four-year cycle points to the next election well after June 30, 2026. This structural stability underpins the 98 percent trader consensus on no election by that date. A sudden leadership transition before resolution remains the sole realistic scenario that could shift the implied probability.