Recent US-Iran diplomatic efforts center on a June 2026 memorandum that reopened the Strait of Hormuz and launched a 60-day negotiation window for nuclear issues, including disposition of Iran’s roughly 440 kg stockpile of uranium enriched to 60 percent. Late October draft frameworks proposed transferring the material to a third country or on-site dilution under IAEA monitoring, paired with sanctions relief and verification steps, with China eyed as a potential guarantor and Doha as a venue. Iranian officials have since rejected outright removal of the stockpile, describing surrender as unacceptable while signaling openness to dilution or freezes in exchange for economic concessions. Traders price near-term full agreement low amid these verification and sequencing disputes, with any resolution hinging on reciprocal commitments and upcoming technical talks.