Iran’s Supreme Leader Mojtaba Khamenei assumed power in March 2026 after his father Ali Khamenei was killed in U.S.-Israeli strikes that opened a broader regional conflict. The Assembly of Experts has since reached majority consensus on a successor and continues internal deliberations amid reported obstacles, while a provisional leadership council manages affairs during the war. Mojtaba remains the de facto leader, though he has appeared infrequently in public and faces factional tensions between hardliners aligned with the Revolutionary Guard and more pragmatic elements. Trader sentiment on near-term change reflects the ongoing military confrontation, U.S. statements rejecting hereditary succession, and the constitutional process for formalizing any transition. Key upcoming developments include potential Assembly announcements and shifts in battlefield or diplomatic conditions that could alter internal power dynamics.