Iran’s constitution mandates presidential elections every four years, with the current term of reformist President Masoud Pezeshkian set to conclude in 2028 following his 2024 victory in a snap contest triggered by Ebrahim Raisi’s death. Early elections require specific triggers such as the president’s death, resignation, or incapacity, none of which are presently indicated. The 2026 succession process for Supreme Leader focused on the Assembly of Experts and a temporary leadership council rather than altering presidential timelines. Recent domestic protests over economic conditions and international tensions have not produced verifiable calls or procedural steps toward an unscheduled vote. Traders assessing any near-term market therefore weigh the absence of constitutional or political catalysts against the fixed 2028 schedule.