Mojtaba Khamenei has issued written statements and decrees since his March 2026 appointment as Supreme Leader but has made no authenticated public appearance, photo, video, or audio recording amid the ongoing US-Israel conflict that began with his father's assassination in February. Iranian officials cite security risks from targeted strikes, while recent indirect accounts—including President Masoud Pezeshkian’s September descriptions of multiple meetings and his mother-in-law’s early October claim of seeing him at the July burial—have not produced verifiable visual proof. Traders weigh these factors against the regime’s history of limiting exposure for senior figures during active hostilities, alongside recurring religious and national events through year-end that could prompt a controlled appearance if security conditions allow.