Iran nuclear sites remain off-limits for IAEA inspections amid wartime status

Iranian nuclear chief Mohammad Eslami has declared that Iran remains in a wartime condition, with its nuclear sites yet to be secured for international inspections. This statement was made to state media amidst ongoing tensions following the Iran-Israel conflict that began in 2025, which also saw U.S. intervention targeting Iranian nuclear facilities. Despite some facilities like Bushehr being accessible, key sites such as Isfahan, Fordow, and Natanz remain off-limits to the International Atomic Energy Agency (IAEA), reflecting a continued standoff in nuclear monitoring. This situation suggests that the likelihood of IAEA inspectors visiting these sites by the current market deadlines is diminishing. Key Takeaways Eslami’s comments suggest continued barriers to securing IAEA site inspections in Iran, potentially impacting market expectations. Market pricing for IAEA site visits by August 31 remains extremely low at 0.4% YES, indicating skepticism about near-term access. The December 31 market has seen a decrease from 22% to 13% YES over the past week, reflecting the enduring inspection impasse. What to Watch Observers will be monitoring any diplomatic developments involving Iran, t...