**US and Iranian negotiators are working to convert the June 2026 memorandum of understanding into a comprehensive agreement that would address Iran’s nuclear program alongside sanctions relief, reconstruction financing, and regional de-escalation.** The MOU, signed after months of conflict, launched a 60-day window (extendable) for technical talks on uranium stockpile disposition, IAEA inspections, enrichment limits, and verification mechanisms, with sanctions relief and a $300 billion reconstruction plan tied to compliance. Early rounds in Switzerland produced a roadmap and working groups but revealed gaps on inspection access to damaged sites and the sequencing of economic concessions. Traders are weighing the pace of IAEA re-engagement, implementation of down-blending commitments, and whether disputes over verification or external factors such as Lebanon-related tensions will delay or derail a final deal within any near-term resolution window.