Iran's strategy in this war was never complicated. The mullahs believed that if they choked the Strait of Hormuz long enough, Americans would feel it at the gas pump and Washington would lose its nerve before the midterms. Brent crude spiked past $107 a barrel this month, and Iranian-aligned militias sent drones into Saudi Arabia's East-West pipeline and shut it down for more than a week. Tehran was betting that pain at the pump would break us before its own economy broke.

That bet has failed, and President Donald Trump deserves immense credit for it.

Crude exports from the Persian Gulf are back at pre-war levels. JPMorgan puts the 10-day average at 17.5 million barrels a day, which is 98 percent of where it stood before the war. Goldman Sachs estimates the region exported 19 million barrels a day over the past week. Brent has come off its highs to about $103, and West Texas crude is trading around $90.

Before the war, 83 percent of Gulf crude had to cross the Strait of Hormuz. In September, about 60 percent crossed the strait, and 23 percent went through a UAE........

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