Exit or Escalation

With each passing day, the costs of the Iran war mount. Iran has proven far more resilient than Trump imagined and has been able to wreak havoc against U.S. assets and allies in the Gulf, using cheap and easily replenished weapons, notably drones and naval mines. The economic costs keep multiplying, not just for the U.S. but for the entire global economy.

At this writing, Trump seems torn between wishful denial and serious consideration of exit options. The best option—and it’s not that good—is some kind of deal for a cease-fire...