Mojtaba Khamenei assumed Iran's supreme leadership in early March 2026 following his father Ali Khamenei's death in U.S.-Israeli strikes that opened a wider regional conflict. Since then, he has issued directives only through written statements, state media readouts, and still images, with no verified photographs, video footage, or in-person public events recorded. Reports cite injuries from the initial attacks, heightened security risks from ongoing strikes and threats, and a preference for indirect command structures—including handwritten messages and limited committees—as primary reasons for the extended absence. This pattern has persisted into mid-2026, shaping trader focus on whether conflict dynamics, health developments, or official announcements will prompt a visible appearance within the market's timeframe.