Formal control over even part of the Strait of Hormuz would be a clear win for Iran and a loss for the United States.

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.”

Iran believes military pressure will force the United States to accept its control. The nation is betting that time and global energy prices favor its strategy. Iran's leaders…