Mojtaba Khamenei has issued statements and been referenced in official communications since his March 2026 appointment as Iran's Supreme Leader following his father's assassination, yet credible reporting confirms no authenticated recent public appearance, photo, or video as of early October. Iranian officials cite security threats from the ongoing conflict with the US and Israel, while analysts note a shift toward more collective leadership involving the IRGC and other institutions. Claims of private meetings from President Pezeshkian, undated video releases, and handwritten notes have surfaced but lack independent verification or resolution criteria tied to visible events. Trader positioning reflects these structural barriers and the pattern of low-profile conduct, with scheduled developments such as memorials, military announcements, or conflict escalations serving as potential catalysts for any shift.