Mojtaba Khamenei has held the office of Supreme Leader since succeeding his father in early 2025 but has issued only written statements and avoided any in-person public appearances amid the ongoing US-Israeli conflict that began in February 2025. Official Iranian media announced a private October 21, 2026, meeting with Parliament Speaker Mohammad Bagher Ghalibaf to discuss military, economic, and national unity measures, marking one of the few confirmed direct engagements with senior officials. This pattern of seclusion, combined with limited reports on his health and decision-making role, shapes trader assessments of when or whether a visible appearance might occur. Upcoming parliamentary or regime events tied to the conflict could influence timing, while the absence of independent confirmation on his physical presence continues to anchor market probabilities around procedural and security considerations.