Mojtaba Khamenei was appointed Iran's Supreme Leader in early March 2026 following the assassination of his father, Ayatollah Ali Khamenei, in U.S.-Israeli strikes. Since then, he has issued multiple statements through state media presenters but has made no verified in-person, video, or audio public appearance. Reports indicate he sustained injuries in the initial attack, and Iranian officials have cited security and health considerations for the absence amid ongoing regional conflict. A Russian envoy noted in late March that he remains in the country but is avoiding public events for understandable reasons, while recent attributed messages on topics such as the Persian Gulf have continued without visual confirmation. These factors, combined with questions over his condition and the regime's preference for controlled messaging during wartime, shape trader assessments of near-term visibility. No firm public events or deadlines have been announced that would require his appearance by mid-2026.