In recent weeks, the United States has succeeded in loosening Iran’s grip over the Strait of Hormuz while virtually shutting down Iran’s own oil exports, accelerating its economic free fall.
But the war launched by the U.S. and Israel in February — intended to last a few weeks — is still far from over, and the stalemate is costly for both sides. An agreement reached in June quickly crumbled, with so sign of diplomatic progress since then. Low-level fighting persists, and the U.S. does not seem to have an exit strategy.
