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The ellipse mask is now part of the updated masking tools in Premiere 2026.

To apply a blur with an ellipse mask:

1. Select the clip in the Timeline.

2. In the Tools panel, click and hold the Object Selection tool, then choose the Ellipse tool.

3. In the Program Monitor, click and drag to draw the ellipse over your subject.

To track the mask:

4. Open the Effect Controls panel.

5. Under Unassigned Masks, select the ellipse mask.

6. Click the Track Selected Mask Forward button.

To apply blur inside the ellipse:

7. With the mask selected in Effect Controls, apply Gaussian Blur from the Effects panel.
   The mask will automatically be applied to the effect.

8. Adjust Feather, Expansion, and Opacity in the mask settings as needed.

​@健一370525290n1f Masking in Premiere has been changed, thats why the ellipse tool now can be found in the Tools panel. See more here: Object Masking in Premiere

For this I would recommend After Effects, masking a solid into an ellipse and then feathering the mask.