Don't let hubris get in the way of ending the Iran war

Iranian leaders may have overextended themselves in the summer, attacking oil tankers even after agreeing to reopen the Strait of Hormuz. For the U.S. to bring an end to the conflict in the Persian Gulf, it must avoid the same hubris. Iran acted out of fear that the U.S. would take away its leverage following the directive for ships to stay clear of Iranian oversight.

Consequently, the U.S. has tightened its grip on the Iranian economy by halting oil exports and tightening sanctions, while simultaneously working to create a viable shipping route for other Gulf nations. Although this strategy is expensive, it seems to be paying off: according to JPMorgan Chase & Co. and Goldman Sachs Group Inc., crude oil shipments, including those using alternative routes, have returned close to pre-war levels.

This progress may be why Iranian negotiators are now pressing for a faster return to the June memorandum, under which the U.S. pledged to unfreeze Iranian assets and permit oil exports in exchange for the Strait of Hormuz's reopening and a return to nuclear negotiations.