Mojtaba Khamenei was appointed Supreme Leader by Iran’s Assembly of Experts shortly after his father Ali Khamenei’s death in U.S.-Israeli strikes on February 28, 2026, but has issued only written statements and conducted private meetings since. Officials cite security threats tied to the ongoing conflict, including recent limited U.S. strikes in early November, as the reason for his continued absence from public view despite claims of good health and operational involvement. A short video released in August and reports of encounters with the president and parliament speaker have not altered the pattern. Recent mourning ceremonies near the strike site in November proceeded without his visible attendance. Traders assign low probability to an imminent public appearance amid the wartime environment and assassination risks.