**Mojtaba Khamenei’s selection by Iran’s Assembly of Experts in early March 2026, following the February killing of his father Ali Khamenei in a U.S.-Israeli strike, underpins the strong trader consensus favoring his continued role through year-end.** The body completed the constitutional process amid wartime conditions, elevating the mid-ranking cleric with close Revolutionary Guard ties despite longstanding concerns over dynastic succession and his limited public profile. Recent October statements from President Masoud Pezeshkian and state media, including a short video and coordination on diplomatic proposals for the Strait of Hormuz, have reinforced perceptions of stability and functional leadership, even as Mojtaba has maintained a low public presence since taking office. Other named figures, such as Alireza Arafi or reformist-leaning clerics, received minimal support in the Assembly vote and show negligible market pricing, reflecting the hardline continuity favored under current pressures. Ongoing conflict dynamics and institutional backing appear to anchor expectations of limited near-term change.