Iran’s senior security official stated on November 11 that Tehran will not permit any enriched nuclear material to leave the country, citing a Supreme Leader directive and plans to retain it for civilian nuclear applications. This position follows months of US-Iran mediated talks via Qatar and Pakistan aimed at ending hostilities, easing sanctions, and reopening the Strait of Hormuz, with nuclear stockpile handling as a core issue. The IAEA reports no verified access to Iran’s roughly 440 kg of 60-percent enriched uranium since June 2025 strikes and continues to seek inspection rights at affected sites. Iranian officials have signaled openness to on-site down-blending or enrichment caps under supervision but reject outright transfer proposals. Upcoming IAEA Board meetings and any verified diplomatic progress could influence trader assessments of near-term agreement prospects.