What will be in a US-Iran deal in 2026?

This market resolves to “Yes” if a written diplomatic instrument between the United States and Iran that establishes a specific, percentage cap on the purity level to which Iran may enrich uranium, committed to for at least one year, has been mutually signed or otherwise formally adopted by December 31, 2026, 11:59 PM ET. Otherwise, this market resolves to “No.” The instrument must specifically include a percentage cap that operates as a general ceiling on the level to which Iran may enrich uranium for any purpose. Vague, or non-specific language regarding the level of Iranian uranium enrichment which does not establish a specific percentage-cap ceiling on all Iranian enrichment (e.g., “lower levels”, “civilian grade”, “maintain the status quo”) will not qualify. Caps that directly mandate a specific percentage cap on enrichment through reference to a publicly-recognized benchmark percentage (e.g., JCPOA-levels), however, will qualify, even if they do not specifically reference the relevant numeric percentage itself. An Iranian commitment to end all enrichment of uranium qualifies as a cap, as it establishes a 0% cap on Iranian uranium enrichment. A qualifying enrichment cap must be committed for a period of at least one year. A permanent enrichment cap will qualify. … (condensed)