US-Iran negotiations to end the seven-month conflict remain stalled over Iran's nuclear program, with Washington pressing for a verifiable reduction in enrichment capacity and removal or destruction of Tehran's remaining 60% enriched uranium stockpile—estimated at over 200 kg in underground tunnels at sites like Isfahan following 2025-2026 strikes that damaged or destroyed major facilities. Vice President JD Vance recently stated that meaningful limits on enrichment are required for any deal, while Iran has signaled willingness to discuss details but rejects abandoning its enrichment rights outright. Limited IAEA access since the strikes leaves the exact status and location of surviving material uncertain, complicating verification. Ongoing diplomatic efforts, including potential dilution or transfer terms floated in earlier memoranda, directly shape trader views on whether the US secures possession of the uranium by the market's resolution date amid persistent gaps between the sides.