Geopolitical events
On July 26, 2026, Iranian state media confirmed the commencement of the state funeral for Supreme Leader Ali Khamenei in the city of Qom. The leader's death, occurring in the aftermath of targeted Israeli--U.S. airstrikes during the West Asia War, has created a significant leadership vacuum at a time of extreme regional instability. The Assembly of Experts is expected to initiate the succession process immediately, a move that will be critical in determining Iran's future military strategy and its stance on the ongoing blockade of the Strait of Hormuz. This transition is a major geopolitical inflection point, with the potential to either escalate the current conflict or open a path toward a strategic de--escalation.