Mojtaba Khamenei has remained out of public view since his March 2026 appointment as Iran's Supreme Leader following his father's death in an airstrike, with reports citing severe facial and leg injuries that require ongoing treatment and limit visible appearances. Iranian officials have issued written statements and audio messages in his name, while President Pezeshkian publicly described a private meeting in early May, describing the leader as engaged in governance and negotiations. Conflicting accounts from sources close to the regime and intelligence assessments highlight uncertainty over the extent of his physical condition and decision-making role amid the ongoing conflict and diplomatic efforts. Trader sentiment reflects these health and security factors, alongside the absence of scheduled public events or visual confirmation that could resolve the market.