Mojtaba Khamenei assumed Iran's supreme leadership in March 2026 following his father Ali Khamenei's death in February strikes, yet he has issued only written statements read by others and released no authenticated recent video, audio, or photograph. Iranian officials cite security risks from the ongoing conflict as the reason for his seclusion, while analysts note a possible shift toward collective decision-making. Recent efforts to address doubts include a purported August handwritten letter and President Masoud Pezeshkian's September 27 CBS interview claim of two direct meetings, the latest exceeding seven hours, with Mojtaba described as healthy. These developments, alongside his absence from the July state funeral, shape trader assessments of whether a verified public appearance will occur by the market's resolution date amid persistent proof-of-life questions.