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The ongoing U.S.-Israeli conflict with Iran is as much about perceptions and internal politics as it is about battlefield success, yet much of the public discourse and even expert debate rests on observable military actions rather than the opaque decision-making processes that shape them. Tehran’s strikes, Washington’s signaling, and Israel’s operational tempo offer clues—but only partial ones—about how each side understands the conflict and its trajectory. The most consequential drivers of escalation, restraint, and negotiations remain hidden inside leadership circles, intelligence channels, and regime calculations that outsiders can only infer imperfectly.

Here are five critical unknowns about Iran (though one could easily write another dozen on the United States and Israel) that highlight the limits of current analysis and underscore the risks of miscalculation in a crisis where the most important variables are largely invisible.

The ongoing U.S.-Israeli conflict with Iran is as much about perceptions and internal politics as it is about battlefield success, yet much of the public discourse and even expert debate rests on observable military actions rather than the opaque decision-making processes that shape them. Tehran’s strikes, Washington’s signaling, and Israel’s operational tempo offer clues—but only partial ones—about how each side understands the conflict and its trajectory. The most consequential drivers of escalation, restraint, and negotiations remain hidden inside leadership circles, intelligence channels, and regime calculations that outsiders can only infer imperfectly.

Here are five critical unknowns about Iran (though one could easily write another dozen on the United States and Israel) that highlight the limits of current analysis and underscore the risks of miscalculation in a crisis where the most important variables are largely invisible.

Who is really in charge of Iran?

Iran’s political system has long been a complex mix of formal and informal power, with elected officials, the Islamic Revolutionary Guard Corps (IRGC), leading clerics, and Iran’s supreme leader all shaping national security decisions. Supreme Leader Ali Khamenei led Iran, but he did so in part by balancing different factions and power centers.

The war, however, has decimated much of this leadership. By its own count,........

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