Iran's recent presidential election, held on June 28, failed to produce a clear winner, necessitating a runoff scheduled for July 5 between the two frontrunners, Masoud Pezeshkian and Saeed Jalili, according to Iranian media reports.

The snap election was called to choose a replacement for President Ebrahim Raisi, who died in a helicopter crash in May. Four candidates contested the initial round, but none secured the absolute majority required for an outright win. Iranian electoral law stipulates that a candidate must obtain at least one vote more than the combined total of all other candidates to be declared the winner.

Pezeshkian and Jalili emerged as the top contenders, receiving 10,415,901 and 9,473,298 votes respectively, out of a total of 24,535,185 ballots cast. The other two candidates, Mohammad Baqer Qalibaf and Mustafa Pour Mohammadi, garnered 3,383,340 and 206,397 votes respectively.

Voter turnout was a mere 40%, according to the Mehr News Agency, marking the lowest participation rate in the history of the Islamic Republic and breaking the previous record set in the 2021 presidential election.

The two runoff candidates represent starkly different political viewpoints. Jalili, an ultraconservative politician, is known for his anti-Western stance and has previously blocked laws related to Iran's compliance with the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog. Conversely, Pezeshkian, the sole reformist candidate, has campaigned on a platform of engaging in talks with the United States to lift sanctions and has pledged to finalise bills that would remove Iran from the FATF's blacklist, potentially normalising the country's international trade.

The coming days are expected to see intense campaigning as both candidates vie for the support of undecided voters. Turnout in the runoff may increase slightly, as some who previously boycotted the elections might now cast their votes for Pezeshkian to prevent Jalili's ascension to power.

However, regardless of the outcome, fundamental changes in Iran's general policies are unlikely. All candidates have expressed loyalty to Supreme Leader Ayatollah Ali Khamenei, who recently advised against voting for candidates with "an affection" for the United States. This statement has been interpreted as opposition to any compromise with Washington over the revival of the 2015 nuclear deal.

The landmark nuclear agreement, which lifted international sanctions on Iran, has been in limbo since the US withdrawal in 2018. Negotiations for its restoration have yielded no results after more than two years. Khamenei's remarks have dampened hopes for the removal of sanctions, which was a central promise in Pezeshkian's campaign and a key motivator for many voters.

As Iran heads towards this crucial runoff, the international community watches closely, aware that the outcome could significantly impact the country's domestic and foreign policies in the years to come.