President Masoud Pezeshkian remains in office without any constitutional vacancy that would trigger a snap presidential election under Iran's framework, which requires such a vote within 50 days only after death, resignation, or confirmed incapacity, with the Guardian Council designating an interim leader. No qualifying events have materialized in recent weeks, despite occasional unverified reports of internal strains, and Pezeshkian's schedule of public engagements with Supreme Leader Ali Khamenei continues without interruption. The standard four-year cycle points to the next contest in 2028, reinforcing trader consensus at 98.6 percent against an election by June 30. A sudden leadership transition before the resolution date stands as the primary scenario that could still shift probabilities.