Millions have gathered in Tehran for the funeral of Iran's late Supreme Leader, Ayatollah Ali Khamenei, marking a major political event. His death in a February airstrike initiated the current conflict involving the United States and Israel.
The enormous public turnout indicates strong support for the Iranian regime. However, the absence of the new Supreme Leader, Mojtaba Khamenei, from the proceedings suggests possible instability and an ongoing power consolidation within the country's leadership.
Financial markets are pricing in a potential transition of power in Iran. Current indicators reflect an increased, though still below 20%, probability of a leadership change by the end of the year.
Observers are closely watching for announcements from Iran's Assembly of Experts regarding new leadership appointments. Any public statements or appearances by Mojtaba Khamenei will also be critical in assessing Iran's political stability moving forward.