Iran’s nuclear facilities suffered extensive damage from U.S. and Israeli strikes in 2025 and March 2026, rendering major enrichment plants at Natanz, Fordow, and Isfahan largely inoperable and eliminating most centrifuges. IAEA reports confirm suspended enrichment activity, restricted inspector access to affected sites, and an unverified stockpile of 60-percent enriched uranium stored in inaccessible tunnels. Recent satellite imagery shows cleanup and limited reconstruction at damaged locations like Minzadehei and Isfahan, yet no verified resumption of enrichment or weaponization steps. Diplomatic channels remain open, with Tehran signaling interest in stockpile dilution and inspections tied to broader agreements. These constraints, combined with escalation risks from further military action, underpin trader consensus against a test before 2027. A rapid breakout would still require overcoming physical damage, material access, and international monitoring pressures within a narrow window.