The assassination of Supreme Leader Ayatollah Ali Khamenei in joint US-Israeli strikes in late February 2026 triggered Iran's constitutional succession process, with the Assembly of Experts appointing his son Mojtaba Khamenei as the new leader in early March. This established formal continuity under a hardline figure with close Revolutionary Guard ties, even as the ongoing conflict, leadership decapitation, and factional tensions between pragmatists and security hardliners created uncertainty. As of October 2026, Iranian officials including President Masoud Pezeshkian and IRGC representatives have repeatedly affirmed Mojtaba's health and active decision-making from secure locations, while noting limited public visibility due to wartime security risks. Trader focus centers on whether these developments signal stabilized succession or leave room for further shifts amid external pressure and internal divisions.