Ongoing US-Iran negotiations amid the aftermath of the 2026 conflict, including a June memorandum of understanding and renewed focus on reopening the Strait of Hormuz, form the core backdrop for trader assessments of direct contact between President Trump and Supreme Leader Mojtaba Khamenei. Trump has publicly stated he would be honored to meet the Iranian leader contingent on a broader peace framework and expressed openness to engagement in prior comments, while also asserting influence over leadership selection. Iranian responses have emphasized realism and procedural limits, with diplomacy proceeding mainly through intermediaries or lower-level channels as of mid-August. Key upcoming catalysts include potential Hormuz transit agreements and any escalation or de-escalation signals that could alter the conditions for high-level bilateral talks.