Mojtaba Khamenei has served as Iran's Supreme Leader since March 2026 without any authenticated public appearance, photo, video, or audio recording since his appointment following his father's death in February strikes. Iranian officials cite security concerns amid the ongoing conflict, while releasing undated archival clips, written statements, and indirect accounts such as President Pezeshkian's September claims of extended meetings conducted via notes. Mojtaba was notably absent from state funeral proceedings, prompting further speculation, though regime sources describe him as active in decision-making from a secure location and delegating some responsibilities. Recent attempts to address proof-of-life questions include attributed military appointments and shrine visit narratives, yet these remain unverified by independent evidence. Traders assess the probability of a confirmed appearance by key deadlines against this pattern of limited visibility and institutional opacity.