Mojtaba Khamenei was selected by Iran's Assembly of Experts as supreme leader in early March 2026 following his father Ali Khamenei's assassination in late February amid the ongoing US-Iran conflict. Since assuming the role, he has issued statements through state channels and Telegram but has made no public appearances, operating instead from a secure undisclosed site—widely reported as a bunker in Tehran or Qom—due to elevated assassination risks. US intelligence assessments indicate restricted external access, with even senior Iranian officials relying on couriers, while unverified early rumors of medical evacuation abroad have not been substantiated by subsequent reporting. These security-driven arrangements inside Iran, combined with the demands of wartime leadership and the regime's preference for continuity, have kept trader-implied probabilities of departure low, absent any confirmed diplomatic, health, or internal developments that would alter his location before key resolution windows.