US-Iran negotiations following the 2025-2026 conflict center on Iran's approximately 440 kg stockpile of uranium enriched to 60% purity, much of which remains buried under rubble at damaged sites like Isfahan and Natanz after US-Israeli strikes. An interim June 2026 memorandum of understanding extended a ceasefire and initiated talks on downblending the material on-site under IAEA supervision rather than removal or destruction abroad, with a 60-day window for follow-on discussions that recently produced a tentative extension. US officials, including Vice President JD Vance, have emphasized demands for meaningful cuts to Iran's enrichment capacity to conclude the seven-month conflict, while Tehran has resisted ceding the stockpile and limited inspector access. These diplomatic and technical barriers, including site inaccessibility and unresolved final terms, shape trader assessments of whether the US government will gain possession by late 2026.