Mojtaba Khamenei has issued written statements and decrees as Iran's supreme leader since his March 2026 appointment following his father's assassination, yet he has made no verified public appearances, released no new photographs or video, and skipped his father's July state funeral. Iranian officials attribute the absence to heightened security amid the ongoing U.S.-Israel conflict, while circulating older footage and third-party accounts of private activities to address health rumors. Traders reflect this pattern in low implied probabilities for near-term sightings, factoring in his pre-appointment preference for limited visibility, the regime's reliance on collective decision-making, and risks of escalation or personal condition that could extend the seclusion through late 2026 events such as religious commemorations or political milestones.