Mojtaba Khamenei was appointed Iran’s Supreme Leader by the Assembly of Experts in March 2026 after his father Ali Khamenei was killed in U.S.-Israeli strikes on February 28. Since then, he has issued only written statements and avoided all public appearances, citing security risks amid ongoing conflict and Israeli threats that explicitly targeted him. Iranian officials describe his absence as health-related or precautionary, while some foreign reporting alleges he may have departed the country for treatment or safety. Trader sentiment on departure markets reflects the regime’s tight narrative control, lack of verified confirmation from credible sources, and structural incentives for the leadership to remain inside Iran during wartime. Key near-term catalysts include any escalation in hostilities, funeral or state events requiring visibility, or shifts in IRGC influence that could alter his personal security posture.