In the early spring of 2026, when American and Israeli missiles and drones tore through Iranian skies, few imagined the conflict would quickly settle into a fragile ceasefire. Yet months later, the world watched as a military and economic stalemate shook global energy markets. By late June 2026, Donald Trump speaks confidently about an interim memorandum signed on June 17—a document that promises to reopen the Strait of Hormuz, stabilize the ceasefire, and pave the way for deeper nuclear talks. Behind the diplomatic language, however, lies a complex story of pressure, heavy costs, and tactical retreats.

The war began in February. Coordinated Israeli and American strikes targeted Iran’s nuclear, missile, and military sites in what Trump called an “existential threat” response. Iran did not remain passive. It closed the Strait of Hormuz, attacked vessels, sent oil prices soaring above $100 a barrel, and disrupted global supply chains. America’s naval blockade met Iranian missile and drone responses, pushing the region to the brink. In the background, Pakistan played the lead mediator role. Its army and diplomats, along with Qatari and Turkish counterparts, conducted intense shuttle diplomacy to prevent full-scale war. A ceasefire took hold in April, but it remained shaky. Almost daily, Trump’s threats to seize Kharg Island or strike oil infrastructure clashed with Tehran’s warnings.

Trump repeatedly posted on Truth Social about an “imminent victory,” but the ground reality told a different story. Military expenses mounted, energy-driven inflation pressured the U.S. economy, and allies........

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