Recent U.S. and Israeli airstrikes in June 2025 and February 2026 destroyed or severely damaged key Iranian enrichment facilities at Natanz, Fordow, and Isfahan, halting uranium enrichment activities according to IAEA observations and U.S. intelligence assessments. Iran maintains a stockpile of uranium enriched to 60 percent, but no verified resumption of enrichment or weaponization has occurred since the operations, with inspectors lacking full access. U.S. assessments from early May 2026 indicate that Iran would require nine to twelve months to produce a nuclear weapon even if leadership authorized such a step, placing completion after the December 2026 resolution date. Ongoing diplomatic talks focused on stockpile controls and program limits reinforce trader expectations that these setbacks and verification gaps will prevent a completed device before 2027.