Mojtaba Khamenei was appointed Iran’s Supreme Leader in early March 2026 after his father Ali Khamenei’s death during U.S.-Israeli strikes on February 28. He has remained largely out of public view since, issuing limited statements from an undisclosed location reachable only through couriers, according to U.S. intelligence reports. Iranian officials cite security concerns amid ongoing regional conflict, while reports note possible injuries from the initial strikes that may limit his visibility and communication. Regime hardliners selected him despite traditional aversion to hereditary succession and external criticism, including from U.S. officials. These factors, combined with stalled negotiations and internal regime pressures, shape trader assessments of any potential departure from Iran.