Mojtaba Khamenei assumed Iran's supreme leadership in March 2026 after his father Ali Khamenei was killed in February US-Israeli strikes on the supreme leader's compound. Mojtaba sustained severe facial and leg injuries in the same attack, has issued statements only through state media or Telegram without public appearances or video, and US intelligence reports place him in undisclosed secure locations or bunkers inside Iran to mitigate assassination risks amid the ongoing conflict and truce talks. These security and health factors, combined with internal regime dynamics and Assembly of Experts processes, shape trader assessments of any potential departure, which could involve medical treatment, succession pressures, or escalation. The late Ali Khamenei's July funeral and burial schedule adds near-term visibility considerations.