Mojtaba Khamenei assumed Iran’s supreme leadership in March 2026 after his father Ali Khamenei was killed in February U.S.-Israeli strikes that also wounded Mojtaba. He has issued statements through state media and remained engaged in policy and truce talks without any public appearances or confirmed travel abroad, while reports indicate he is delegating operational decisions amid security concerns and health limitations. Trader consensus reflects these barriers, with probabilities of departure by late June near 1%, consistent with historical patterns for Iranian leaders during active conflicts and the institutional preference for continuity in the Office of the Supreme Leader. Ongoing diplomatic contacts and internal consolidation further reduce near-term exit risks.