Mojtaba Khamenei has served as Iran's Supreme Leader since his appointment by the Assembly of Experts in March 2026 following his father's death in late-February strikes, yet he has issued only written statements and avoided verified public appearances amid the ongoing U.S.-Israel conflict. Iranian officials cite security risks tied to targeted threats against leadership, while President Masoud Pezeshkian has referenced private consultations and state media released undated video clips in August purporting to show him in good health. He was absent from his father's July funeral proceedings despite family members attending publicly. These factors, combined with a historical pattern of limited visibility and reliance on intermediaries or IRGC coordination, shape trader assessments of near-term authenticated appearances. Scheduled events such as potential memorials or religious observances within resolution windows could provide catalysts if visual confirmation emerges.