**IAEA access to Iran's struck enrichment and conversion facilities at Natanz, Fordow, and Isfahan remains limited as of mid-August 2026.** US and Israeli strikes in June 2025 heavily damaged aboveground structures at Natanz and Isfahan while impacting Fordow's underground halls; inspectors were withdrawn for safety and Iran curtailed cooperation, leaving the Agency unable to verify the status of enriched uranium stockpiles or post-strike activities at the affected sites. An interim US-Iran memorandum in June 2026 explicitly requires IAEA supervision for certain nuclear activities, including dilution of highly enriched material. IAEA Director General Rafael Grossi confirmed that visits to the enrichment sites would occur under the accord, with modalities, dates, and procedures under discussion, though Iran has tied full access to completion of a final agreement. The IAEA Board adopted a June 2026 resolution urging greater cooperation, and inspectors have resumed work at unaffected locations such as Bushehr. Satellite imagery continues to show limited activity or concealment measures at the three sites, while Iran has not yet facilitated the requested design information verification or inventory checks at Isfahan's tunnel complex. Upcoming diplomatic milestones, including further Vienna talks or Board sessions, could determine whether access expands before any market resolution window, with trader consensus reflecting uncertainty over the pace of verification amid ongoing negotiations.