The ferocity of the US-Israeli war with Iran that began on February 28, 2026, has given way to a shaky ceasefire, desultory negotiations, and competing blockades of the Strait of Hormuz. The debate in Washington now revolves around who won and who lost, the political impact of high gas prices, the uncertain future of US relations with the Gulf states, and the implications of long-term Iranian control over passage through the Strait.