Iran's nuclear chief Mohammad Eslami stated in early October 2026 that Tehran will under no circumstances abandon uranium enrichment or surrender its stockpile, describing U.S. demands as "nothing new." U.S. Vice President JD Vance countered that any deal ending the ongoing conflict requires a "meaningful" reduction in enrichment capacity. Indirect negotiations continue through exchanged proposals on issues including the Strait of Hormuz, yet nuclear enrichment remains a core sticking point with facilities damaged by prior strikes and IAEA access restricted. These entrenched positions from both sides, with the December 31 deadline approaching, underpin traders' strong consensus against an agreement to fully end enrichment.