What We're Watching

Iranian majority votes to ignore election, leading to runoff

​Iranian women queue to vote at a polling station in a snap presidential election to choose a successor to Ebrahim Raisi following his death in a helicopter crash, in Tehran, Iran June 28, 2024.
Iranian women queue to vote at a polling station in a snap presidential election to choose a successor to Ebrahim Raisi following his death in a helicopter crash, in Tehran, Iran June 28, 2024.
Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
Iran held a presidential election on Friday to replace President Ebrahim Raisi, who was killed in a helicopter crash in May, with voters choosing between four regime-approved candidates, including a “reformist” and three hardliners. None secured a majority, which means voting heads into a second round for the two candidates with the most votes: reformist Masoud Pezeshkian and ultraconservative Saeed Jalili.

Low voter turnout was expected, and many believed Pezeshkianwould come in first but fail to win the 50% majority needed to prevail outright. Experts like Eurasia Group analyst Gregory Brew anticipated that Pezeshkian would then meet either Jalili or Mohammad Baqer Qalibaf in a runoff.

“Events bore out this expectation,” says Brew, “but with a few interesting twists.” First, voter turnout was even lower than feared – at just 40%. Second, Jalili and Qalibaf combined only won 13 million votes, far less than the 19 million Raisi had in 2021.

Round two looms. If Jalili wins in the second round on July 5, he would simply be another ideological hardliner hostile to the West with “retrograde views on important social issues.” This, says Brew, will ensure “dissatisfaction with the regime increases among ordinary Iranians.”

Pezeshkian would be weak and be easy for the regime to undermine, Brew explains, but “the Supreme Leader has always distrusted and feared the reformists and it’s hard to see him tolerating a reformist president, especially with a succession so close.”

In fact, neither candidate is ideal for the regime’s leadership. “While Jalili is ideologically suitable,” says Brew, “he doesn't appear to have much support from inside the regime.”

Still, one of them will prevail. “I'd say that the odds favor Jalili right now, especially as turnout is going to be even lower next week than it was for Friday's election,” says Brew, noting that if voters do align with Pezeshkian, it would just be to prevent a Jalili government.

More For You

Mastercard Economic Institute's Outlook 2026 explores the forces redefining global business. Tariffs, technology, and transformation define an adaptive economy for the year ahead. Expect moderate growth amid easing inflation, evolving fiscal policies, and rapid AI adoption, driving productivity. Digital transformation for SMEs and shifts in trade and consumer behavior will shape strategies worldwide. Stay ahead with insights to help navigate complexity and seize emerging opportunities. Learn more here.

Miami Mayor-elect Eileen Higgins points as she thanks her staff and supporters on the night of the general election, on Tuesday, Nov. 4, 2025.
Carl Juste/Miami Herald/TNS/ABACAPRESS.COM

A Democrat won Miami’s mayoral race for the first time in nearly 30 years. The Republican defeat will ring some alarms for the party – and their support among Latino voters.

Women work in the plastic container assembly area inside the El Oso shoe polish factory, located in Mexico City, Mexico, in its new facilities, after officers from the Secretariat of Citizen Security and staff from the Benito Juarez mayor's office arbitrarily and violently remove their supplies, raw materials, machinery, and work tools on January 17 of this year following a coordinated operation stemming from a private dispute. On August 27, 2025.
Photo by Gerardo Vieyra/NurPhoto

50: Mexico’s President Claudia Sheinbaum is taking a page out of US President Donald Trump’s book, implementing up to a 50% tariff on more than 1,400 products in a bid to boost domestic production.