US-Iran nuclear diplomacy centers on resolving Iran's stockpile of roughly 440 kg of uranium enriched to 60 percent, with a June 2026 memorandum of understanding committing both sides to downblend or otherwise dispose of the material under IAEA supervision as part of broader talks. The most recent development came on September 27, when US Ambassador Mike Waltz stated that negotiators had offered to sell Iran uranium for civilian use and remained open to Tehran handing over highly enriched material, though Iran declined the sales proposal. Ongoing side talks at the UN in September seek to advance these issues alongside sanctions relief and navigation in the Strait of Hormuz, while the IAEA continues to highlight unresolved inspection access since 2025. Trader views on US acquisition of the uranium by any deadline hinge on whether these negotiations produce verifiable transfers or downblending before key deadlines.