Mojtaba Khamenei has issued written statements and overseen governance as Iran's Supreme Leader since his March 2026 appointment by the Assembly of Experts, yet he has recorded no verified public appearances, videos, or photographs in the more than six months since succeeding his father, Ali Khamenei, who was killed in a February 28 US-Israel strike. Iranian officials attribute the absence to heightened security needs amid ongoing regional conflict, while confirming meetings such as President Masoud Pezeshkian's recent discussions on economic and foreign policy matters. His non-attendance at the July state funeral and reliance on pre-recorded or written communications have sustained speculation over health and operational capacity, even as state media and regime sources release archival images and indirect assurances of his involvement. Traders monitor upcoming religious commemorations, political milestones, and potential state events through year-end for any authenticated sighting that could shift implied probabilities, given historical precedent for supreme leaders maintaining visible authority.