Recent US and Israeli strikes in June 2025 damaged key Iranian enrichment sites at Natanz, Fordow, and Isfahan, significantly setting back uranium enrichment capacity and highly enriched uranium access. Iran has since pursued reconstruction and hardening efforts at locations like Taleghan 2 in Parchin while relocating centrifuges to fortified underground facilities, yet IAEA reports through June 2026 highlight suspended monitoring, unresolved safeguards violations, and an unaccounted enriched uranium stockpile. Ongoing US-Iran negotiations reveal major gaps over enrichment limits, material surrender, and related security issues, with the US maintaining pressure against rapid advancement. These military disruptions, verification shortfalls, and diplomatic constraints underpin trader consensus that Iran is unlikely to achieve a nuclear weapon before 2027.