IAEA access to Iran’s enrichment facilities at Fordow, Natanz, and Isfahan remains restricted following the June 2025 strikes that damaged several of these sites. The agency has conducted limited inspections at unaffected locations since then but has not verified activities or material at the three main enrichment complexes, prompting repeated calls for inventory checks and design information verification, especially at Isfahan’s underground tunnels storing much of Iran’s higher-enriched uranium stockpile. In June 2026 the IAEA Board adopted a resolution urging cooperation, while Director General Grossi indicated that visits to the enrichment plants would occur under an interim U.S.-Iran understanding, though Iran has conditioned fuller access on a final agreement and modalities are still being negotiated. These diplomatic steps, alongside ongoing safeguards reporting deadlines, represent the principal near-term catalysts for any market movement on inspection timing.