Iran began a state funeral procession for Supreme Leader Ayatollah Ali Khamenei on July 4 in Tehran, with hundreds of thousands of mourners reported in the capital as ceremonies opened across a wider route that includes Qom and Mashhad, with related observances in Najaf and Karbala in Iraq. Khamenei was killed on February 28, 2026, during the opening strikes of a US-Israeli military campaign, and his death was officially confirmed on March 1, triggering 40 days of national mourning before the current rites. The burial is scheduled for July 9 at Mashhad’s Imam Reza Shrine. The events have intensified focus on Iran’s leadership transition, with Mojtaba Khamenei said to have assumed the role of Supreme Leader but absent from main public events, adding to scrutiny of regime stability, regional power dynamics and the durability of a fragile ceasefire with the U.S. A separate brief report also says Khamenei’s death has affected global oil routes and crypto markets, increased scrutiny on exchanges, and prompted Iran’s Foreign Ministry to vow to pursue justice for his death, but it provides no supporting figures, timeline or official detail.