Mojtaba Khamenei was appointed Iran's Supreme Leader in early March 2026 by the Assembly of Experts following the death of his father, Ali Khamenei, in US-Israeli strikes on February 28. Reports indicate Mojtaba sustained severe injuries requiring surgery in those attacks and has issued only written statements since, with no public appearances or verified images. US intelligence assessments describe him operating from an undisclosed location inside Iran, reachable only through limited courier networks that restrict communication even with senior officials. This setup coincides with ongoing conflict, diplomatic negotiations over a potential ceasefire framework, and internal regime efforts to maintain cohesion under IRGC influence amid questions over hereditary succession. These factors have shaped trader views on the low likelihood of departure by mid-2026 deadlines.