Mojtaba Khamenei has issued multiple written statements and conducted private meetings with Iranian officials since his appointment as Supreme Leader in early March 2026, yet no verified photographs, videos, or in-person public appearances have occurred. This absence stems from the February 2026 U.S.-Israeli strikes that killed his father, ongoing regional conflict, reported security protocols, and possible injuries, as noted by Russian diplomatic comments in late March. State media continues to attribute messages to him without visual confirmation, fueling questions about his operational role and physical condition. Traders monitoring this market focus on any shift in conflict intensity, official Iranian announcements of events, or leaks confirming an appearance, as these factors directly influence the timing of resolution.