Mojtaba Khamenei has not made any verified public appearance since his appointment as Iran's Supreme Leader in early March 2026, following the death of his father in late February. Iranian state media has released written statements and audio-conferenced meetings attributed to him, including on security and economic matters, while officials cite ongoing conflict-related security protocols as the reason for his low profile. Reports from Russian diplomats and Iranian Foreign Ministry statements describe him as present and active in governance, though international observers and U.S. officials have noted the lack of visual confirmation amid speculation over health or injuries. This extended absence, now spanning nearly three months, shapes trader assessments of when or whether a live public event will occur before key deadlines, with any official appearance or continued delay likely to influence probabilities tied to institutional stability and conflict developments.