It seems increasingly evident that the White House rushed into war with Iran without fully considering the potential consequences. That’s all the more reason to hasten the conflict’s end.

After nearly three weeks of fighting, the US is reaching the limits of what air power can accomplish. Although American and Israeli strikes have destroyed thousands of military targets and killed dozens of top officials, including Supreme Leader Ayatollah Ali Khamenei, the regime remains unbowed. Its drone and missile attacks on neighboring countries and on container ships hoping to transit the Strait of Hormuz have paralyzed the Persian Gulf region. Oil prices are surging; industries from agriculture to semiconductors fear shortages of key inputs. Inflation worries are spreading.

© Bloomberg