US and Israeli strikes in June 2025 and February 2026 severely damaged Iran's primary uranium enrichment facilities at Natanz, Fordow, and Esfahan, rendering much of the above-ground infrastructure inoperable and burying or scattering portions of its near-weapons-grade stockpile. IAEA reports through June 2026 confirm the loss of safeguards access, with no verification of enrichment suspension or material inventories, though inspectors have identified no structured weaponization effort. Ongoing diplomatic talks seek limits on enrichment and facility dismantlement, while satellite imagery shows limited reconstruction activity at hardened underground sites. These verified setbacks underpin trader consensus against acquisition before 2027, though undetected material recovery or negotiation collapse could still alter timelines.