**IAEA access to Iran's key enrichment and storage sites at Isfahan, Fordow, and Natanz remains blocked following U.S. and Israeli strikes on the facilities in June 2025 and additional attacks in early 2026.** Iran suspended full safeguards cooperation after the initial strikes, citing parliamentary law and the need for new protocols to address damaged sites, while allowing limited IAEA visits only to unaffected locations such as Bushehr. In June 2026, an interim U.S.-Iran memorandum of understanding referenced IAEA supervision of nuclear activities, prompting IAEA Director General Rafael Grossi to state that inspections "will indeed take place" with modalities under discussion. Iranian officials, including Foreign Ministry spokespersons and Atomic Energy Organization chief Mohammad Eslami, immediately rejected any scheduled visits to the bombed sites, conditioning access on a final agreement, sanctions relief, and clarification of inspection rules for attacked facilities. Diplomatic talks have since stalled without a permanent deal, leaving the IAEA unable to verify the status or location of Iran's enriched uranium stockpiles—widely assessed to include significant quantities of highly enriched material at the Isfahan tunnel complex and other struck sites. Satellite imagery has shown post-strike activity and possible material movement, but physical verification is absent. Trader sentiment centers on whether ongoing or renewed U.S.-Iran negotiations will produce concrete access commitments before any market resolution date, or if Iran's sovereignty and procedural objections sustain the impasse.