Recent U.S. and Israeli airstrikes on Iranian nuclear sites in June 2025 and February 2026 have substantially degraded enrichment infrastructure at facilities including Natanz, Fordow, and Isfahan, leaving much of Iran's stockpile of uranium enriched up to 60 percent buried or inaccessible. U.S. intelligence assessments as of March 2026 indicate Iran has not resumed enrichment activities, while IAEA reporting through early June shows limited changes to the program's status amid restricted inspector access. Ongoing diplomatic talks between Washington and Tehran, focused on sanctions relief, enrichment limits, and stockpile management, have produced proposals for pauses or dilutions but no confirmed resumption of weapons-relevant work. These setbacks, combined with sustained military pressure and verification challenges, underpin trader expectations that Iran will not acquire a nuclear weapon before 2027.