The Trump administration is once again negotiating over the Strait of Hormuz. Iran said Saturday that an agreement with Oman is close, but that the deal alone would not reopen the waterway. Washington has said it would lift its blockade of Iranian ports if commercial shipping resumes. 

The diplomacy captures the central problem of the war. Five months of pressure have inflicted serious damage on Iran, yet Washington has repeatedly had to negotiate to contain the wider consequences. The United States risks spending its own leverage managing fallout from measures meant to strengthen its bargaining position. 

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The Trump administration’s logic was straightforward. Military strikes would reduce Iranian capabilities, while sanctions and the blockade would restrict Tehran’s revenues. Rising costs would push Iran toward a settlement favorable to........

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