The reported killing of Iran’s Supreme Leader Ayatollah Ali Khamenei in joint U.S.–Israeli airstrikes has sent shockwaves across the Middle East, drastically altering regional geopolitics. After more than three decades in power, Khamenei’s death ends a central era in Iranian politics and sparks uncertainty over succession, with the Revolutionary Guards and constitutional bodies racing to fill the leadership void. Iran has declared a 40-day national mourning period and retaliated with missile and drone strikes against U.S. and allied bases, raising fears of broader conflict. The move has rattled global markets, heightened security tensions, and created a historic power vacuum with far-reaching implications for diplomacy, energy routes, and regional alliances.