diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-07-26-12-00-01.gh-issue-151815.d4e5f6.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-07-26-12-00-01.gh-issue-151815.d4e5f6.rst
new file mode 100644
index 000000000000000..66a9edefaf08ad4
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-07-26-12-00-01.gh-issue-151815.d4e5f6.rst
@@ -0,0 +1 @@
+Fix a crash in t-string iteration when creating the iterator fails partway through due to memory pressure.
diff --git a/Objects/templateobject.c b/Objects/templateobject.c
index 1609e82b444516c..806f403bc5fa537 100644
--- a/Objects/templateobject.c
+++ b/Objects/templateobject.c
@@ -226,6 +226,9 @@ template_iter(PyObject *op)
     if (iter == NULL) {
         return NULL;
     }
+    iter->stringsiter = NULL;
+    iter->interpolationsiter = NULL;
+    iter->from_strings = 1;
 
     PyObject *stringsiter = PyObject_GetIter(self->strings);
     if (stringsiter == NULL) {
@@ -242,7 +245,6 @@ template_iter(PyObject *op)
 
     iter->stringsiter = stringsiter;
     iter->interpolationsiter = interpolationsiter;
-    iter->from_strings = 1;
     PyObject_GC_Track(iter);
     return (PyObject *)iter;
 }