Mojtaba Khamenei has issued more than 25 written statements since his March 2026 appointment as Supreme Leader following his father’s assassination, but no authenticated recent photographs, videos, or public appearances have surfaced amid ongoing conflict with the US and Israel. Iranian officials cite acute security risks and collective decision-making structures as reasons for his seclusion, while releasing claims of private meetings from President Masoud Pezeshkian and family members to counter health speculation. Traders weigh this pattern of deliberate low visibility against recurring religious and national events through year-end that have historically featured senior clerics, though any shift would require verifiable visual evidence to resolve the market.