Mojtaba Khamenei was selected by Iran's Assembly of Experts as supreme leader in March 2026 following his father Ayatollah Ali Khamenei's death in U.S.-Israeli strikes that also targeted regime sites. He has since maintained an extremely low public profile, issuing statements through state media while operating from undisclosed locations inside Iran amid ongoing conflict and reported injuries. Iranian officials have repeatedly denied rumors of evacuation abroad, including unconfirmed claims of airlift to Moscow, and affirmed that he remains in the country directing negotiations and military responses. The combination of heightened security measures, internal regime consolidation under Revolutionary Guard influence, and external military pressures creates the core uncertainty around any potential departure, with traders assessing risks tied to escalation timelines and leadership stability through the remainder of 2026.