The Iran war is now all about the future of Hormuz

ReutersIf Iranian leaders are, as Donald Trump says, “begging” him for terms to end the war, they have a very odd way of showing it. The negotiations he announced to soothe markets at the start of the week amounted to an exchange of demands that neither side could expect the other to accept. Factor in what both are actually doing — the US deploying a small ground force to the Persian Gulf and Iran legislating to turn the Strait of Hormuz into a permanent toll booth — and it seems we are in for a...