Iran's next regularly scheduled presidential election is set for 2028 following Masoud Pezeshkian's 2024 victory in the snap contest triggered by Ebrahim Raisi's death. The constitution requires a new vote within 50 days only in cases of presidential vacancy, resignation, or removal, none of which have occurred under the current administration. The March 2026 transition to a new Supreme Leader after Ali Khamenei's assassination stabilized the top leadership structure without prompting an early presidential contest or Guardian Council announcements. Ongoing regional tensions and domestic priorities have not produced verifiable signals of candidate registration, campaign timelines, or official decrees advancing the vote. Traders assess these structural and institutional factors as the primary barriers to an election before late 2026 or 2027 deadlines.