Recent draft frameworks from late October 2026 propose transferring Iran's stockpile of highly enriched uranium—estimated at around 440 kilograms of 60% material—to a third country or down-blending it under IAEA supervision, in exchange for sanctions relief and reopening the Strait of Hormuz. Qatari mediators have facilitated talks in Doha, with China eyed as a potential guarantor, amid US demands for inspector access to damaged sites like Isfahan. Iran has signaled resistance to physical removal of the material while reviewing concrete proposals, following prior US-Israeli strikes on enrichment facilities and a June 2026 memorandum that outlined status-quo commitments during negotiations. These diplomatic and verification hurdles, alongside risks of renewed escalation, shape trader assessments of timelines for any US acquisition or disposition of the uranium.