Alex breaks down the emerging U.S.-Iran peace deal and explains why, after four months of war, the outcome looks remarkably similar to the status quo that existed before the conflict began. He examines why the agreement leaves Iran's missile program and regional proxies largely untouched, why Israel may view the result as a costly strategic setback despite the damage inflicted on Iran, and why none of the major players can convincingly claim victory. Finally, Alex explores the broader implications of the war—from the vulnerability of the Strait of Hormuz to what the conflict reveals about the limits of American power and the future of global trade.