By Samia NakhoulBEIRUT, June 15 (Reuters) - The U.S.-Iran deal may silence the guns, but it cannot alter the verdict of more than three months of war. The region has emerged from one of its most dangerous crises in decades with the balance of power broadly unchanged, Iran politically emboldened, and Gulf confidence in U.S. protection deeply shaken, Gulf sources, diplomats and analysts say.

The Hormuz ceasefire calmed markets fast, but Iran gained leverage, Israel lost tempo, and the Gulf faces a bigger resilience bill. What each actor actually won.

As the world reacts to the deal announcement, some gaps are yet to be filled. | World News