New phase, not end: Iran war shifts into a fragile stalemate

The US and Iran aren’t approaching a peace so much as a new phase of conflict: Iran leverages control of the Strait of Hormuz to extract concessions while the US pursues a potential deal on its nuclear program and the fate of Hormuz, all within a fragile ceasefire that could end or reset at any moment. With both sides avoiding a humiliating compromise, the region remains in a high-stakes stalemate, risking miscalculation as economic costs and military options loom large.”