Mojtaba Khamenei has issued multiple written statements through state media since succeeding his father as Iran's Supreme Leader in early March 2026 following the latter's death in late February, yet he has made no verified in-person or video public appearances as of late May. Russian officials noted in March that he remains in the country but is refraining from appearances for security reasons tied to the ongoing conflict with the United States and Israel. Recent messages in May addressed regional military policy and Hajj themes without visual confirmation, amid ongoing questions about his health after reported non-serious injuries early in the war. Trader sentiment reflects uncertainty over whether security concerns, procedural norms, or other factors will prompt a visible appearance within typical resolution windows for such markets.