Mojtaba Khamenei assumed Iran's supreme leadership in early March 2026 following his father Ali Khamenei's death in U.S.-Israeli strikes that opened a broader regional conflict. Since then, he has issued written statements through state media on topics including regional security and U.S. military presence but has not appeared publicly, delivered video addresses, or been seen in official settings. Iranian officials and foreign diplomats cite security concerns tied to ongoing hostilities as the reason for his seclusion in an undisclosed location, with communications reportedly routed through restricted channels. U.S. assessments have noted heightened precautions, including possible injury from earlier strikes, while Iranian state sources maintain he remains in operational control. These factors shape trader assessments of the timing for any verified public appearance amid the post-conflict environment.