Recent diplomatic drafts between Washington and Tehran propose transferring Iran's highly enriched uranium stockpile to a third country or lowering enrichment levels, alongside sanctions relief and reopening the Strait of Hormuz, with possible verification by the IAEA and guarantors such as China. However, Iranian officials have repeatedly rejected removing enriched material or accepting zero enrichment, framing the program as an NPT-protected right and national asset. US positions continue to emphasize meaningful reductions in capacity or stockpile disposition. Ongoing mediation in Doha and Geneva has produced phased frameworks but no commitment to full cessation of enrichment activities by December 31. These entrenched differences over sequencing, verification, and core red lines sustain the market's assessment that an agreement ending enrichment remains unlikely within the remaining timeline.