US President Donald Trump has publicly expressed strong dissatisfaction with Mojtaba Khamenei's appointment as Iran's new supreme leader following the death of Ayatollah Ali Khamenei, describing the choice as a mistake and signaling that the leader's position may require external approval to endure. Trump has stated that the United States is engaged in direct communications with Iranian representatives but explicitly not with Mojtaba Khamenei, whom he has called unavailable amid reports of internal targeting and uncertainty over his status. Ongoing diplomatic efforts focus on alternative Iranian figures and potential truces tied to nuclear, missile, and regional security issues, with talks occurring under tight timelines and amid Israeli coordination. These developments create significant structural barriers to a direct Trump-Mojtaba Khamenei conversation by the market's May 31 resolution date, though any sudden shift in Iranian leadership dynamics or breakthrough in back-channel negotiations could alter the trajectory.