Recent diplomatic proposals have centered on transferring Iran's remaining highly enriched uranium stockpile—estimated in the hundreds of kilograms at up to 60 percent purity prior to prior strikes—to a third country or reducing its enrichment levels in exchange for sanctions relief and reopening the Strait of Hormuz. Iranian officials rejected any such transfer on November 2, describing it as unacceptable and reaffirming the material as a national asset under IAEA-monitored obligations. Qatari-mediated talks and draft frameworks discussed in late October outline phased, verifiable steps with potential guarantors, yet Tehran has conditioned further negotiations on trust-building measures. Ongoing uncertainty over surviving stockpiles after 2025-2026 strikes, restricted inspector access, and US demands for verifiable limits continue to shape trader assessments of near-term transfer possibilities.