**Mojtaba Khamenei has served as Iran's Supreme Leader since his appointment on 8 March 2026 following his father Ayatollah Ali Khamenei's death in late February strikes, yet he has issued only written statements and released no authenticated recent photographs, videos, or live appearances.** Iranian officials cite security concerns tied to the ongoing conflict with the US and Israel, while family members and President Masoud Pezeshkian have offered unverified accounts of meetings and his presence at the July burial ceremonies. State media has circulated undated clips and letters, but independent confirmation remains absent, sustaining trader focus on the regime's pattern of limited visibility for the leader amid heightened risks. Upcoming religious or memorial events could prompt a shift, though procedural and security factors continue to shape the low implied probability of a verified public appearance by near-term deadlines.