Iran's Supreme Leader Ali Khamenei was killed in U.S.-Israeli strikes in early 2026, triggering an expedited succession process by the Assembly of Experts that resulted in the appointment of his son Mojtaba Khamenei as the new leader. A provisional leadership council has managed affairs during the transition amid active conflict, including IRGC strikes on vessels in the Strait of Hormuz and related regional tensions. Recent reports note majority consensus on the successor with some procedural obstacles remaining, alongside official confirmations of Mojtaba's health and role in directing policy. Ongoing military exchanges, stalled diplomacy, and internal stability concerns tied to the war form the main drivers of trader views on any further near-term leadership shifts.