Mojtaba Khamenei was appointed Iran's Supreme Leader in early March 2026 following the death of his father in U.S.-Israeli strikes. Since then, he has issued written statements read on state media and reportedly participated in meetings via audio or in private, including a claimed in-person session with President Pezeshkian in early May, yet no verified photographs or video footage of him have surfaced. Persistent reports cite health concerns or security considerations in the ongoing conflict as reasons for the absence, while Russian officials have described him as remaining in Iran but avoiding public events. These factors, combined with the lack of any scheduled public appearances or official announcements of planned visibility, underpin trader consensus that a visual public appearance remains unlikely in the immediate term.