Mojtaba Khamenei was selected by Iran's Assembly of Experts as Supreme Leader in early March 2026, days after his father Ali Khamenei's death in U.S.-Israeli strikes that began the 2026 conflict. He has issued multiple written statements via state media on topics including regional military policy and deterrence strategy, but no verified photographs or video of an in-person appearance have emerged as of mid-June. Traders cite ongoing security risks from active hostilities, possible injuries sustained in the initial attacks, and the regime's cautious approach to public exposure as primary reasons for the absence. Market pricing for near-term resolution windows reflects these structural barriers, with potential catalysts including major religious commemorations, diplomatic milestones, or confirmed de-escalation that could create conditions for a controlled public event.