Mojtaba Khamenei’s appointment as Supreme Leader in March 2026 followed the February killing of his father Ali Khamenei in U.S.-Israeli strikes that also injured Mojtaba. He has since relied exclusively on written statements while maintaining a low public profile, citing security threats and possible health effects amid ongoing conflict. Iranian state media released a short undated video on August 10 showing him in a meeting to address rumors of deterioration, yet it has not produced verified in-person or live appearances. Traders price near-term deadlines low because regime decisions on visibility remain tied to these constraints, with any confirmed footage or event serving as the resolution trigger. Recent hard-line appointments signal continued focus on internal security and external posture rather than expanded public exposure.