Mojtaba Khamenei was appointed Iran's Supreme Leader in early March 2026 following the assassination of his father, Ayatollah Ali Khamenei, in U.S.-Israeli strikes that also injured the son. Since the Assembly of Experts selection, he has issued only written statements and avoided any verified public appearances, photo opportunities, or video addresses, prompting sustained speculation about his health, location, and security amid the ongoing conflict. Senior officials, including the president, have claimed private meetings, while reports from March through July cite recovery needs and wartime risks as reasons for the low profile. Traders appear focused on whether security conditions, health status, or regime priorities will permit a visible appearance before year-end dates, with upcoming memorial events or diplomatic developments potentially serving as catalysts.