Recent US and Israeli strikes in 2025 and 2026 heavily damaged Iran's key enrichment sites at Natanz, Fordow, and Isfahan, leaving much of its approximately 440 kg stockpile of 60% enriched uranium trapped under rubble or in inaccessible tunnels. Enrichment activities remain suspended according to IAEA assessments and Iranian statements, with the program described as largely dormant pending ongoing US-Iran negotiations under a June 2026 memorandum of understanding. That accord calls for IAEA-supervised down-blending of highly enriched material and resumed inspections, though access to bombed facilities remains contested. IAEA Director General Rafael Grossi has reiterated that Iran is not pursuing nuclear weapons and stressed the need for robust verification. With only months remaining before 2027 and no confirmed resumption of weaponization pathways, trader consensus reflects these setbacks and diplomatic constraints.