President Donald Trump has signaled openness to speaking with Iranian Supreme Leader Mojtaba Khamenei if it advances a peace agreement ending the U.S.-Iran conflict that began in late February 2026, but Iranian officials have dismissed near-term direct contact as unrealistic while talks remain deadlocked over sanctions, nuclear issues, and regional security. Khamenei, who assumed power after his father’s death in initial strikes, communicates primarily through couriers from a secure undisclosed location due to targeting risks, limiting direct engagement. Trump has described Khamenei as involved in approving draft terms and noted possible future meetings contingent on finalized documents, yet no scheduled calls or summits have materialized. Markets reflect trader focus on these structural barriers and the pace of proxy negotiations rather than immediate bilateral dialogue. Upcoming developments in the coming weeks on deal finalization could shift probabilities if timelines accelerate.