Mojtaba Khamenei assumed Iran's supreme leadership after his father Ali Khamenei's assassination in late February 2026 amid escalated U.S.-Israel strikes. He has issued written statements on topics including Strait of Hormuz management and regional security but has made no verified public appearances since, prompting reports of health complications, treatment in Qom, or strict internal seclusion driven by assassination risks. Iranian officials have countered with claims of full recovery and AI-assisted messaging to maintain continuity. Ongoing conflict dynamics, IRGC influence over decision-making, and the regime's emphasis on internal stability have kept trader focus on whether acute military or health pressures could force an exit before mid-2026 deadlines, though no confirmed departures have materialized.