Mohammed bin Salman continues to exercise de facto authority as Saudi Arabia’s crown prince and prime minister, overseeing cabinet sessions and directing the third and final phase of Vision 2030 that began in 2026. Recent activity includes economic recalibrations announced in April and May, continued oversight of the Public Investment Fund’s five-year strategy, and diplomatic coordination through Gulf summits. King Salman’s brief medical tests in early May drew attention to the Allegiance Council’s succession procedures, yet no internal challenges, health issues, or removal efforts involving the crown prince have surfaced. Traders therefore weigh structural barriers such as centralized royal authority and the absence of credible alternatives against any future shifts in the king’s condition or broader regional diplomatic developments that could indirectly affect leadership stability.