Iran's constitutional rules limit presidential elections to scheduled four-year cycles or snap votes triggered only by the death, resignation, or confirmed incapacity of the sitting president, with the Guardian Council then designating an interim leader and calling a vote within 50 days. President Masoud Pezeshkian remains in office as of mid-May 2026 with no vacancy or triggering event in the prior month, and his public schedule of engagements with Supreme Leader Ali Khamenei continues without interruption. Earlier unconfirmed reports of internal strains or health issues have not materialized into any formal process. The next regular contest falls well outside the June 30 window under the cycle set after the 2024 election. A sudden leadership change before the resolution date remains the sole realistic scenario that could still shift the current trader consensus.