Mojtaba Khamenei was appointed Iran's Supreme Leader in March 2026 following the death of his father, Ayatollah Ali Khamenei, in late-February U.S.-Israeli strikes during regional conflict. He reportedly sustained injuries in the same attacks and has maintained an extremely low public profile since, issuing only written statements via state media without video or audio appearances. Reports indicate he remains in Iran, based in an undisclosed secure location or receiving treatment in Qom, with decision-making influenced by the IRGC and security apparatus amid wartime pressures. These factors, combined with ongoing diplomatic tensions and questions about his health and effective authority, form the core context for trader assessments of any potential departure timeline.