Mojtaba Khamenei has issued written statements and decrees since succeeding his father Ali Khamenei in March 2026 but has recorded no verified public appearance, video, or audio address in the ensuing six months. Iranian officials cite heightened security needs during the ongoing conflict that began with the February 28 strike killing the elder Khamenei, while releasing family-sourced profiles and indirect claims of private activity to address health speculation. President Pezeshkian has described extended meetings with the supreme leader, yet Mojtaba skipped the July state funeral attended by his brothers and other officials. Traders weigh the regime’s preference for controlled messaging and precedent of limited visibility against recurring religious and national events through year-end that could prompt a controlled appearance if security conditions allow.