Mojtaba Khamenei was appointed Iran's Supreme Leader in March 2026 following his father's assassination amid conflict with the United States and Israel. Since then, he has issued statements through state media but has not appeared in person, released video or audio, or been photographed publicly, prompting ongoing speculation about his location, health, and security situation. In late March, Russia's ambassador confirmed he remains in Iran but is avoiding appearances for understandable reasons tied to the wartime environment. On May 7, President Masoud Pezeshkian publicly stated he met Khamenei in person for over two hours, providing the first senior-level confirmation of direct contact. Traders weigh these factors against potential triggers for a public appearance, such as scheduled parliamentary sessions, religious observances, or shifts in the security environment that could alter the current pattern of limited visibility.