Mojtaba Khamenei has issued written statements and decrees since his March 2026 appointment as Supreme Leader following his father’s assassination, yet Iranian officials cite stringent security needs amid the ongoing conflict with the US and Israel as the reason for his continued absence from verifiable public view. He skipped the July state funeral for Ali Khamenei, and no authenticated recent photos or live broadcasts have emerged despite recurring religious and national events. President Masoud Pezeshkian and other figures have publicly affirmed meetings and his active role, while recent state-aligned reports highlight personal details and indirect sightings to address speculation over his health. Upcoming observances through late 2026 could provide opportunities for a controlled appearance, though traders weigh the pattern of low visibility and collective decision-making against any shift in security conditions.