What happens during a list iteration?

Iterator over a list in Python involves the following steps:

Getting an iterator: The __iter__() method of the list object is called. This method returns an iterator object that remembers the current position in the list.
```
my_list = [1, 2, 3]
list_iterator = my_list.__iter__()
// list_iterator is now an iterator object
```
Calling the __next__() method: On each iteration of a loop (for example, for), the __next__() method of the iterator object is called. This method returns the next element from the list.
```
element1 = list_iterator.__next__() # Gets the first element (1)
element2 = list_iterator.__next__() # Gets the second element (2)
// and so on...
```
Handling the StopIteration exception: When the iterator reaches the end of the list and there are no more elements to return, the __next__() method raises a StopIteration exception. The for loop catches this exception and ends.
```
// Trying to get an element after the third
try:
    element4 = list_iterator.__next__()
except StopIteration:
    print("End of iteration")
```

The process can be summarized as follows:

Step	Action	Result
1	Getting an iterator	Iterator object created
2	Calling `__next__()`	Next element returned
3 (Repeated)	Calling `__next__()`	Next element returned
...	...	...
End of list	Calling `__next__()`	`StopIteration` raised
	`for` loop catches it	Loop ends

It is important to understand that the list itself is not an iterator, but it is an iterable object because it has the __iter__() method that returns an iterator. The iterator is an object that remembers its state (current position) and can produce elements sequentially.