**Military strikes in 2025 and early 2026 severely degraded Iran's declared enrichment infrastructure and rendered key facilities inoperable.** US-Israeli operations (including June 2025's Operation Midnight Hammer and February-April 2026 follow-on strikes) targeted Natanz, Fordow, Isfahan, and weaponization-related sites, destroying or damaging thousands of centrifuges, conversion capabilities, and associated infrastructure while burying or trapping much of Iran's ~440 kg stockpile of 60% enriched uranium. **Iran has not resumed uranium enrichment at its main declared sites since the attacks.** IAEA reporting confirms loss of continuity of knowledge on stockpiles, centrifuges, and activities at affected locations, with Tehran suspending full inspector access and cooperation. Satellite imagery shows limited reconstruction or fortification efforts at some buried sites (such as Pickaxe Mountain), but no large-scale revival of overt enrichment or weaponization programs. US intelligence assessments indicate the strikes extended Iran's estimated breakout timeline to roughly 9–12 months or longer. **A June 2026 US-Iran memorandum of understanding established a ceasefire framework, reaffirmed Iran's commitment against developing nuclear weapons, and initiated follow-on negotiations.** This includes discussions on inspections and maintaining the post-strike status quo pending a broader deal. While uncertainties persist around exact stockpile locations and potential clandestine work, the combination of physical damage, halted enrichment, diplomatic constraints, and extended breakout timelines underpins trader expectations that Iran is unlikely to acquire a nuclear weapon before 2027.