Mojtaba Khamenei was appointed Iran's Supreme Leader in March 2026 following his father Ali Khamenei's death in late February U.S.-Israeli strikes. He has issued written messages on policy and religious occasions but produced no authenticated photo, video, or live broadcast since taking office. Regime officials cite security threats tied to the ongoing conflict as the reason for his seclusion, while releasing indirect claims of private meetings, including recent assertions by the Imam Reza shrine custodian that he met Mojtaba twice in Mashhad around the October burial ceremonies. These statements remain unaccompanied by independent evidence, sustaining questions over his health and visibility. Traders monitor upcoming religious or state events for any verified appearance that could resolve the market, alongside procedural signals from the Assembly of Experts or IRGC statements that might influence the timing of a public debut.