Recent U.S.-Iran hostilities, including joint airstrikes with Israel beginning February 28, 2026, targeted Iranian missile, air defense, and nuclear-related sites but remained confined to air, missile, and naval operations without U.S. ground forces entering Iranian territory. A ceasefire took effect in April, followed by Pakistan-mediated negotiations addressing the Strait of Hormuz, uranium enrichment limits, and sanctions relief, with a draft memorandum advancing toward signature in mid-June. Administration statements have emphasized achievable objectives—such as degrading ballistic capabilities—through precision strikes rather than occupation, consistent with assessments that a full ground campaign would require unsustainable troop levels amid Iran's size and terrain. Ongoing diplomatic channels and the absence of mobilization for large-scale land operations underpin trader consensus against an invasion before 2027.