The Season of Unexpected Events, War to Election!

The past season experienced significant domestic turmoil. In April, news of the Israeli attack on the Iranian consulate, followed by Iran's unprecedented response, heightened regional tensions. This period marked the highest risk of full-scale war in the Islamic Republic's history. Furthermore, the tragic helicopter crash and subsequent passing of Ebrahim Raisi necessitated unscheduled presidential elections, ultimately leading to the election of Masoud Pezeshkian in the second round.  In contrast to the domestic volatility, the international economic and political landscape remained relatively stable during this period.
On the final day of the Nowruz holiday, Israel's attack on the Iranian consulate and the loss of 7 IRGC members in Damascus foreshadowed another challenging year for the Iranian people. Many interpreted Israel's assault as an effort to exacerbate tensions in the Middle East, aimed at regaining international support. Iran responded by launching a comprehensive missile and drone attack on Israel soil. This action was perceived more as a serious warning to Israel rather than a desire for direct conflict, as Iran conveyed its unwillingness to prolong the hostilities to the United States through a message delivered via Turkey. The domestic markets exhibited a strong reaction to the Iran-Israel attacks.

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