I think it's true that crude flows through Hormuz are more or less back to pre-war volumes, people who think it's some kind of propaganda campaign orchestrated by the Trump administration that somehow managed to get independent analysts like Kpler on board are delusional, but the US hasn't won anything.
First, although volumes are back to pre-war levels, price isn't because this has been achieved by a complex and very expensive system of shuttle tankers to get the oil out of Hormuz and ship-to-ship transfers to move it to its final destination and insurance costs have skyrocketed because risks are still very elevated, so the cost of moving oil out of the Gulf is now $30-$35 per barrel compared to less than $7 before the war according to Reuters.
Since moreover inventories have been depleted everywhere, there is strong upward pressure on demand and this will remain the case for a while even if the US can keep the volumes of crude flowing through Hormuz at this level, which explains why the Brent is still hovering around $100/barrel and will likely continue to do so for several months, compared to ~$70 before the war. This means the worst case scenario will likely be avoided, but that's hardly a victory.
But perhaps more importantly, people and businesses don't consume crude, they consume refined products and their price is still very high and rising, because unlike crude the flows of refined products through Hormuz still haven't recovered (they're down to ~600,000 barrels from ~$3.6 million before the war according to Kpler), Russia stopped exporting because Ukrainian attacks on its refineries cut its production capacity and inventories are depleted everywhere. This will also continue for the foreseeable future.
The US has severely depleted its stockpiles of interceptors and to a lesser extent of standoff offensive munitions, had to evacuate most of its bases in the region and the blockade plus the patrols in the strait impose a heavy price on its navy. Of course, Iran is also under a lot of pressure because of the blockade, so I still expect that eventually both sides will agree to some bullshit deal that won't fundamentally solve anything but will relieve the immediate strains on their economy and military.
However, I now think it's likely there will be another round of escalation before that, because I don't think Trump will be able to wait months for the Iranian economy to collapse while the prices of refined products remain so high or get even higher and now that Iran has lost control of the strait to a large extent it has incentives to escalate to increase the pressure on Trump to make a deal.
People say that the US can simply wait Iran out until its economy collapses, but if the Iranians think that's where they're headed, they have nothing to lose and can credibly threaten to destroy energy infrastructure in the region they have mostly spared so far because they were afraid of retaliation in kind. I think that the US knows that, and that the economic deterioration will pressure Iranian hawks to moderate, so that both sides will eventually make compromises to enable some kind of deal.
Whatever this deal is, I don't think it will even come close to initial US objectives, which let's be real was to overthrow the regime or at least force it to capitulate and do a wholesale change of its foreign policy like Venezuela after Maduro's abduction. Iran will not abandon its hostility to the US and Israel, it will keep its ballistic missile program and drones, the regime will stay in place and its nuclear program will remain a point of contention with the US and Israel for many years.
It's hard to predict how this will end exactly because Trump created a situation that is very difficult to unfuck, so maybe I'm wrong, but even if I turn out to be wrong in the end we don't know that yet and the victory laps that plan trusters are taking right now are premature and frankly ridiculous given what a disaster this war has been so far. It's like we're back at the beginning of March, they just never learn.
If the US had been able to restore a semi-normal situation in Hormuz by April, maybe it would have been a different story, but it wasn't and now it's objectively in a much worse situation than it was before the war and hasn't obtained anything from Iran yet, so I don't know what this amazing victory people are talking about is supposed to be. They just never learn.
Looks like the US basically won its war with Iran??
No terminal oil price spike to date. 🛢️
Total flows now at prewar levels (minus Iran). It just skirts Hormuz now.
And Iran's economy is in a tailspin.
> Do nothing
> Win
Iran fired its Hormuz gun and it was a water squirt.