Recent reports of a preliminary US-Iran draft framework have centered trader attention on the enriched uranium stockpile as a core negotiating element. The October 31 outline proposes transferring the material to a third country or lowering enrichment levels, paired with reopening the Strait of Hormuz within seven days and phased US sanctions relief, under potential Chinese guarantees and independent verification. Direct talks in Doha are under discussion, with Qatar facilitating. This builds on IAEA statements highlighting roughly 440 kg of high-enriched uranium remaining unaccounted for after 2025 strikes, alongside stalled inspector access and Iranian resistance to exporting the stockpile. Upcoming mediator meetings and any Supreme Leader approval could determine whether verifiable commitments advance before further escalation risks rise.