**Ongoing US-Iran negotiations center on the disposition of Iran’s stockpile of highly enriched uranium, primarily the roughly 440 kilograms enriched to 60 percent held before the 2025-2026 strikes.** A June 2026 memorandum of understanding launched 60-day talks (now extended) that include down-blending the material under IAEA supervision and resolving its final status, with US officials indicating the framework could lead to removal from Iran. Recent strikes damaged enrichment sites, leaving much of the stockpile inaccessible under rubble at locations such as Isfahan, while full IAEA access to bombed facilities remains unresolved. As of late September 2026, a US offer to supply Iran with uranium for civilian use was rejected, underscoring persistent gaps on enrichment limits and stockpile control. These diplomatic and verification issues directly shape trader assessments of whether the US will obtain the material by a given date.