Mojtaba Khamenei assumed Iran’s supreme leadership in early March 2026 after his father Ayatollah Ali Khamenei was killed in late February U.S.-Israeli airstrikes that escalated the ongoing conflict. The Assembly of Experts selected him unanimously despite longstanding clerical reservations over hereditary succession and his limited formal experience. Since taking office, he has maintained an extremely low public profile, with reports citing possible injuries sustained in the strikes, medical treatment, or protective seclusion inside the country. Traders track these health and security signals, IRGC influence over decision-making, and any signs of regime instability or diplomatic maneuvering that could prompt an exit. Scheduled developments such as potential cease-fire talks, further military exchanges, or internal leadership reviews within the next several months remain key variables that could alter his location or authority.