“The Iranians see Hormuz as their most significant strategic achievement," he added, saying it was clear that the Americans would apparently be prepared to recognize a change in the status quo.

Iran proposed control of the Strait of Hormuz, reducing market confidence in a U.S.-Iran agreement to 39% YES by August 31.

“[The] U.S. accepting Iranian control of the strait without explicitly acknowledging that control seems a likely endgame here.”