Iran’s refusal to grant IAEA inspectors access to the enrichment facilities at Natanz, Fordow, and Isfahan since the 2025 strikes has created sustained uncertainty over the location and status of its highly enriched uranium stockpile, with much of the material believed stored in the Isfahan tunnel complex. Further U.S. and Israeli strikes in February 2026 damaged additional structures and led to a complete suspension of verification activities at affected sites. Iran maintains that new protocols are required before any inspections of bombed facilities can occur, while the IAEA continues to cite proliferation risks from the absence of accountancy data and design information. Recent board discussions and bilateral talks have produced no breakthrough, leaving trader assessments of near-term visits dependent on whether diplomatic arrangements or sanctions-related incentives emerge before the market resolution date.