Ongoing US-Iran negotiations to end the seven-month conflict center on Iran's remaining stockpile of uranium enriched to 60 percent, estimated at over 200 kg possibly surviving 2025-2026 US-Israeli strikes on Natanz, Fordow, and Isfahan facilities. US demands include a meaningful cut in enrichment capacity, while Iran seeks full sanctions relief and has floated dilution of its material in exchange. Tehran has blocked IAEA access to bombed sites, leaving the exact location and condition of any surviving enriched uranium unverified. Recent talks have produced no agreement on handover or surrender terms, and US offers to supply civilian-grade uranium were declined. Trader consensus reflects these barriers and the absence of imminent resolution mechanisms before year-end deadlines.