Recent U.S. and Israeli airstrikes in June 2025 and February 2026 targeted Iranian enrichment sites including Natanz, Fordow, and Isfahan, damaging infrastructure and limiting access to stockpiles of uranium enriched to 20% and 60%. IAEA inspectors lost verification capabilities at affected facilities following the attacks, and Director of National Intelligence assessments through March 2026 indicated Iran had not resumed enrichment. A Pakistan-mediated ceasefire took effect in April 2026, leading to ongoing bilateral negotiations focused on sanctions relief, stockpile management, and enrichment limits, though no final agreement has been reached. These developments have constrained near-term breakout capacity, supporting trader consensus that Iran is unlikely to produce a nuclear weapon before 2027.