Ongoing US-Iran negotiations following 2025 strikes on Iranian nuclear sites center on limiting enrichment to 3.67 percent, reducing the roughly 440 kilograms of 60 percent enriched uranium stockpile, and restoring IAEA access in exchange for sanctions relief and asset releases. Iran has repeatedly stated it will not transfer any enriched material abroad, with officials ruling out even small quantities leaving the country under any agreement. Recent mediator proposals involving Qatar and Pakistan focus on downblending or third-country handling rather than direct US custody. Trader consensus assigns low probability to official US confirmation of physical possession by December 31 because no mechanism for such transfer has emerged in talks and Iran's position remains firm on retaining the material domestically.