Recent U.S. and Israeli military operations against Iran, initiated in late February 2026, have consisted of sustained airstrikes, missile strikes, and naval actions targeting nuclear facilities, air defenses, and leadership, rather than any conventional ground invasion. A conditional ceasefire took effect in April, followed by Pakistani-mediated talks and a June memorandum of understanding that includes sanctions relief, Strait of Hormuz access, and further nuclear negotiations. U.S. officials have emphasized achievable objectives through air and sea power, citing the prohibitive logistical, topographic, and political costs of occupying Iranian territory. Ongoing diplomatic channels and the absence of troop mobilization for large-scale ground operations have reinforced trader assessments that an invasion remains unlikely before the end of 2026.