Recent US and Israeli strikes in 2025 and early 2026 destroyed or severely damaged Iran's key enrichment facilities at Natanz, Fordow, and Isfahan, along with related infrastructure at Parchin-area sites, eliminating most operational centrifuges and rendering enrichment plants inoperable. Remaining stockpiles of 60% enriched uranium remain buried or inaccessible under rubble, with IAEA inspectors denied access since the attacks. Satellite imagery from September and October 2026 shows cleanup and excavation at damaged compounds, yet assessments place Iran's breakout timeline at roughly one year or longer if a decision to weaponize were made. With only weeks left before the December 31, 2026 resolution, traders price near-certain odds against possession, though undetected parallel efforts or accelerated recovery of limited surviving assets represent the main residual uncertainties.