Jennifer Welch of Bloomberg Economics states that a U.S. blockade of Iran, which she characterizes as an act of war, is still in place.

Asian economies, which are highly dependent on Middle Eastern energy, are already implementing major changes to conserve energy due to the war in Iran.

The United States is better insulated from the energy price shock of the Iran war because it is a net energy producer.

One of Iran's key terms for a peace agreement is the international recognition of its sovereignty over the Strait of Hormuz.

Iran has discovered it can control the Strait of Hormuz at a relatively low cost, a form of leverage it will likely seek to use in the future.

The Wall Street Journal reported that President Trump and his aides assessed that a mission to reopen the Strait of Hormuz would extend the war beyond his desired four to six-week timeline.

Iran's conditions for ending the war include at least one term that will be completely unacceptable to the United States.