Mojtaba Khamenei was appointed Iran's supreme leader in early March 2026 following the death of his father Ayatollah Ali Khamenei amid U.S.-Israeli strikes. Since then, the 56-year-old cleric has issued statements through state media and social media but has made no verified in-person public appearances, prompting sustained trader focus on when or whether he will appear. Russian officials confirmed he remains in Iran and cited security concerns tied to the ongoing conflict as the reason for his absence, while Iranian authorities have referenced prior injuries to his back and knee from the February attacks. In early May, President Masoud Pezeshkian publicly confirmed a private meeting with Khamenei, marking the first senior-level acknowledgment of direct contact. Traders monitor state broadcasts, official announcements, and any scheduled ceremonies for signs of an appearance, as continued non-visibility could extend uncertainty over leadership stability during active regional tensions.