Ongoing U.S.-Iran hostilities since February 2026 have featured airstrikes on IRGC targets, naval blockades in the Strait of Hormuz, and sanctions rather than ground forces, with intermittent exchanges continuing into September amid failed ceasefires and MoUs. President Trump has issued repeated threats of escalation, including regime change rhetoric and references to possible expanded operations, yet U.S. actions have stayed within air and maritime domains amid munitions constraints and assessments that large-scale ground commitments would require prohibitive troop levels against Iran's defenses. Diplomatic channels with regional states and sanctions on Iranian energy and logistics persist alongside limited strikes, sustaining trader consensus that a full U.S. invasion remains improbable before 2027 absent major shifts in escalation thresholds or strategic calculations.