Has Trump Turned the Tables on Iran – or Is Another Round of War Coming?
For the first time, Trump thinks time is on his side.
But Iran appears unfazed – for now
by Trita
Parsi | Aug
21, 2026
The Trump administration believes it has turned the
tables on Iran. Washington assesses that the rerouting of maritime traffic
through the Omani corridor, combined with a global shift away from Persian Gulf
oil, has reduced the effectiveness of Tehran’s closure of the Strait of Hormuz.
At the same time, the U.S. blockade has sharply constrained Iran’s ability to
sell its oil. The result, in Washington’s view, is a status quo that imposes
greater costs on Iran than on the United States.
That calculation changes the strategic equation.
Rather than being forced to accommodate Iranian demands, President Donald Trump
now believes he can afford to wait Tehran out. For the first time since the war
began, the White House has concluded, time is working in America’s favor.
Assuming that assessment is correct, the more
important question is what Trump intends to do with this newfound leverage. If
Washington interprets Iran’s vulnerability as an opportunity to extract
capitulation rather than to negotiate a durable settlement, the result is more
likely to be another round of war than an end to the conflict. Tehran has
already demonstrated that when confronted with a choice between surrender and
escalation, it will choose the latter. Giving Iran the same choice again is
therefore unlikely to produce a different outcome.
The only way to turn this unexpected shift in the
balance of leverage into a political victory is through diplomacy. If
Washington’s assessment is correct, it now has an opportunity to use its
leverage to secure a compromise that addresses its core interests while giving
Tehran sufficient reason to accept an agreement. If, instead, the
administration pursues maximalist demands, it risks converting a moment of
leverage into another cycle of war.
Historically, however, Washington has tended to make
precisely this mistake. Whenever U.S. policymakers have concluded that time and
leverage are on their side, they have often treated Iranian weakness not as an
opening for compromise, but as an opportunity to seek capitulation. The danger
is that Trump will repeat that pattern. He will mistake leverage for victory
and turn a potentially favorable negotiating position into the continuation of
the tragedy that is US-Iran relations.
Trump failed militarily, but thinks he can win
economically
America has run out of military options. The clearest
indication is that the Trump administration has stopped striking Iranian
targets even as Tehran continues to attack ships transiting the Strait. On
Monday, an Iranian attack killed a sailor aboard a vessel using the southern
corridor. Yet Washington did not respond militarily – even though the second
round of the war began precisely because the administration had declared that
it could not accept Iran firing on ships.
According to Reuters, U.S. forces have used virtually all of their global
stockpile of ATACMS and Precision Strike Missiles (PrSM) during the five-month
Iran conflict. Moreover, roughly 65% of Patriot interceptors, 38% of THAAD
interceptors, and almost half of the Navy’s Tomahawk cruise missiles have been
expended.
The depletion of these stocks appears to have forced
Trump to abandon its pursuit of a military knockout and instead shift the
burden of economic pressure onto Tehran. That strategy, in turn, appears to be
producing results faster—and to a greater degree – than the administration
anticipated.
In the American description of events, this success is
mainly due to three factors: New, much larger ships are being used that carry
primarily crude oil. These VLCCs (Very Large Crude Carrier) can carry up to 2
million barrels of oil. In comparison, other oil tankers can transport between
350,000 and 1 million barrels.
Before the outbreak of the war, approximately 21
million barrels of petroleum and crude oil passed through the Strait of Hormuz
on a daily basis. These were carried by 65 to 80 tankers. Roughly the same
amount of oil transition through the strait can now be achieved by only ten
VLCCs a day. And given that the vast majority of ships transitioning through
the Strait in the Southern Corridor have their transponders off, this traffic
has not been noted by outlets tracking the traffic.
Secondly, demand for Persian Gulf oil has
significantly dropped as numerous economies have started to transition to other
sources of supply. Brazil, for instance, has increased its exports and started
to serve markets that previously relied on Persian Gulf oil. Most importantly,
Beijing appears to have deliberately reduced its oil consumption to prevent
prices from remaining above $100 a barrel and thereby aggravating the risk of a
global recession.
Third, the war has created economic incentives strong
enough to attract ships and crews willing to assume substantially greater
risks. The growing volume of traffic through the Southern Corridor, despite the
obvious dangers, is evidence that these incentives are surprisingly powerful.
Unlike its earlier illusions about the blockade as a
guaranteed knockout blow against the Iranian theocracy, Washington no longer
expects economic pressure to produce a quick surrender. Instead, the
administration appears to be betting on a slower process of economic
strangulation that will eventually force Tehran to capitulate. Faith in a
knockout blow has given way to the more fragile hope of prolonged
strangulation.
Tehran isn’t worried – for now
Iran’s calculation is effectively the opposite of
Washington’s. Tehran doubts the United States can sustain the flow of VLCC
traffic through the Strait and believes Trump will have little choice but to
return to the Islamabad MOU within the next two to three weeks. Trump may have
made progress on oil exports, but LNG and many petrochemical products,
including fertilizers, remain unable to leave the Persian Gulf.
Tehran also appears to believe that it retains the
ability to halt the VLCC traffic, but is deliberately refraining from doing so
for now. The calculation is to avoid escalation while waiting to see whether
the United States’ depleted military options ultimately compel Trump to return
to the MOU.
In short, Tehran does not appear overly concerned –
for now. But that could change. If Trump refuses to return to the MOU, or
succeeds in turning the balance of economic pain against Iran, Tehran will face
a far harsher reality. Just as Washington underestimated Iran’s resilience,
Tehran may have underestimated the both resilience of the global economy and
Trump – the former’s ability to shift away from oil and the latter’s craftiness
in finding non-military ways to effectively reopen parts of the Strait.
Between surrender or escalation, Iran will almost
certainly choose escalation. Even if Trump has gained the economic upper hand,
Tehran still believes it holds a military advantage. Its options range from
more aggressive attacks on VLCCs to strikes on Emirati pipelines that bypass
the Strait, and potentially to renewed escalation in the Red Sea.
Indeed, it was precisely Trump’s erroneous assumption
that Iran would choose to surrender over war that helped drive the United
States toward escalation in the first place. Washington’s recurring search for
Iran’s breaking point has repeatedly produced escalation rather than
capitulation. There is little reason to expect the pattern to be different this
time.
The US-Iran tragedy
Herein lies the tragedy of the lethal dance between
Washington and Tehran. America’s winner-take-all approach makes agreement
unacceptable when Iran has the momentum. When the momentum shifts to
Washington, the United States comes to believe that nothing short of Tehran’s
full capitulation is palpable.
Because Iran fears surrender more than war, the cycle
oscillates between economic pressure and military escalation, interrupted only
by brief and often fragile periods of diplomacy. Put simply, the structure of
the situation favors war.
This is particularly visible today as neither side is
investing in any real diplomacy with the other. Tehran’s “diplomacy” is to
simply wait for Trump to return to the MOU, while Trump has barred U.S.
officials from engaging with Iran and committed himself instead to economic
warfare.
When you don’t negotiate when you’re weak, because you
are weak, and you don’t negotiate when you are strong, because you are strong,
then war becomes the baseline.