Ongoing US-Iran negotiations following the June 2026 memorandum of understanding have centered on disposing of Iran’s roughly 440 kg stockpile of uranium enriched to 60 percent, much of it now buried in damaged or sealed tunnels at Isfahan, Natanz, and Fordow after 2025-2026 airstrikes. The interim accord calls for on-site downblending under IAEA supervision rather than export, with US officials indicating any final deal could lead to removal but requiring mutual agreement on verification and enrichment limits. As of early October 2026, talks remain unresolved after the 60-day window, inspectors lack access to bombed sites, and Vice President JD Vance has stated Iran must deliver a meaningful cut in enrichment capacity to conclude the conflict. These verification and procedural hurdles explain trader consensus favoring low near-term probabilities of US acquisition by year-end.