Mojtaba Khamenei assumed Iran’s supreme leadership in March 2026 following his father’s death in late-February strikes, yet he has issued only written statements and avoided any authenticated public appearance for over seven months. Iranian officials and family members, including President Masoud Pezeshkian and the mother-in-law of his late wife, have issued recent claims of private meetings and sightings at the father’s October 2026 burial and a Tehran rally, citing security concerns tied to the ongoing conflict with the United States and Israel. No photographs, videos, or live broadcasts have emerged despite earlier regime promises of footage, leaving trader sentiment anchored on the pattern of deliberate low visibility and institutional preference for controlled messaging over live exposure. Potential catalysts include major religious commemorations or state events before year-end that have historically featured senior clerics, though persistent security protocols and internal power dynamics continue to weigh against an imminent appearance.