Recent reports indicate that Iran's Supreme Leader Mojtaba Khamenei has not appeared publicly or issued audio statements since his March 2026 appointment by the Assembly of Experts following his father's assassination. Speculation centers on his reported incapacitation and medical treatment in Qom, with conflicting assessments from Iranian officials and foreign sources regarding his health and effective control amid the ongoing U.S.-Israeli conflict. These developments coincide with IRGC consolidation of influence, cabinet-level appointments favoring hardliners, and stalled nuclear negotiations tied to preconditions such as sanctions relief and territorial recognition. Traders monitor whether health complications or security threats prompt his departure from Iran before key resolution deadlines, while noting institutional resistance to any perceived leadership vacuum or external relocation.