Recent indirect US-Iran talks, mediated by Qatar and Oman, center on Iran's roughly 440 kg stockpile of 60% enriched uranium, much of it buried under rubble from 2025 strikes, with Washington pressing for direct US possession or handover to ensure it cannot be reconstituted for weapons use. Tehran has proposed dilution on site under IAEA supervision or transfer to a third country as part of sequenced concessions tied to reopening the Strait of Hormuz, sanctions relief, and resuming broader nuclear negotiations, but resists shipping material abroad per reported Supreme Leader directives. A June 2026 memorandum of understanding outlined on-site downblending rather than export, while September proposals for a seven-day de-escalation timeline remain stalled over sequencing and verification. Trader consensus reflects these diplomatic and technical barriers, with low implied probabilities for US acquisition by year-end absent major breakthroughs in upcoming Geneva or follow-on rounds.