US and Israeli airstrikes in June 2025 and February 2026 targeted Iran's enrichment facilities at Natanz, Fordow, and Esfahan, along with related sites, causing extensive damage that halted operations and left much of the 60% enriched uranium stockpile inaccessible under rubble. IAEA reports since mid-2025 confirm limited inspector access, with no verified resumption of enrichment activities as of early 2026 assessments, and Director General Rafael Grossi has stated there is no evidence of a structured nuclear weapons program. Ongoing diplomatic talks have emphasized demands for permanent restrictions and material removal, while US intelligence assessments indicate Iran's timeline for potential weaponization has been extended well beyond 2027 absent major undetected recovery. These verified setbacks underpin trader consensus against acquisition before the deadline.