Ongoing U.S.-Iran hostilities, which began with major airstrikes in February 2026 and included the death of Supreme Leader Ali Khamenei, have remained limited to air and naval operations focused on the Strait of Hormuz rather than any ground campaign. A June memorandum of understanding briefly paused large-scale fighting and opened negotiations on sanctions, nuclear issues, and navigation, but violations led to renewed tit-for-tat strikes through summer 2026. As of early September, U.S. forces continue precision targeting of Iranian coastal assets while extending regional troop deployments to 2027, yet senior officials and analysts describe full-scale invasion scenarios as logistically prohibitive and politically unviable. Intermittent diplomacy via Oman and other channels, combined with economic damage on both sides, sustains trader expectations that direct U.S. invasion remains unlikely before 2027.