Iran’s Supreme Leader Ali Khamenei was killed in late February 2026 during U.S.-Israeli strikes that also eliminated several senior military commanders, triggering the Assembly of Experts to select his son Mojtaba Khamenei as successor in March. The new leader has remained largely out of public view amid ongoing conflict, with state media releasing limited footage and officials holding meetings to affirm continuity and issue warnings of unrestricted retaliation. Factional tensions within the clerical and Revolutionary Guard establishments, combined with economic strain from the war and questions over Mojtaba’s health and authority, sustain trader focus on whether further leadership shifts or consolidation will occur before key resolution dates. Diplomatic mediation efforts and potential additional strikes represent the main near-term catalysts.