Iran’s parliament is weighing NPT withdrawal while officials reaffirm continued uranium enrichment at 60 percent, consistent with legislation already authorizing that level. Recent indirect talks with the United States, framed around a June 2026 memorandum on the Strait of Hormuz and sanctions relief, have stalled over sequencing and scope, with Tehran prioritizing Hormuz conditions before broader nuclear commitments and rejecting zero-enrichment demands. IAEA inspectors remain without access to key sites following 2025 military strikes, and Iran’s stockpile of highly enriched material persists without verified dilution. These positions, alongside the expiration of UN Security Council Resolution 2231 restrictions, sustain trader expectations that no agreement to halt enrichment will be reached by year-end.