Iran's supreme leader Mojtaba Khamenei assumed the role in March 2026 following the February assassination of his father, Ayatollah Ali Khamenei, in U.S.-Israeli strikes that also wounded the successor. He has made no public appearances since, with officials attributing the absence to security risks and recovery while describing decision-making as continuing through written statements and limited inner-circle contact. A temporary leadership council and expanded roles for the IRGC, President Masoud Pezeshkian, Parliament Speaker Mohammad Bagher Qalibaf, and other institutions have managed daily affairs amid the ongoing conflict and economic pressures. Constitutional processes allow the Assembly of Experts to select a successor in the event of vacancy, resignation, or incapacity, though no such trigger has materialized. Trader assessments of near-term leadership change reflect the regime's demonstrated continuity through institutional networks despite persistent questions over Mojtaba Khamenei's health and visibility.