US military operations against Iran since February 2026 have centered on airstrikes, naval blockades in the Strait of Hormuz, and targeted infrastructure hits rather than any ground offensive aimed at territorial control. The Trump administration has prioritized these limited measures alongside stalled nuclear negotiations and repeated calls for diplomatic concessions, even after rejecting Iran's latest ceasefire proposal in mid-May. Pentagon planning has emphasized special operations raids and air-naval pressure over large-scale troop commitments, reflecting longstanding concerns over the costs and risks of invading a country the size of Iran. Traders interpret this pattern, plus domestic political caution around escalation, as evidence that a full invasion remains unlikely before the 2027 deadline.