Nate Swanson: “Iran’s economic woes are in large part the consequence of a foreign policy designed to counter U.S. interests. When faced with popular discontent, Khamenei consistently resisted reforms and resorted to violence to repress his people—most notably in January, when his regime murdered thousands of its citizens.”“But he clearly prepared Iran for this moment. Confronted with a truly existential threat, Iran has mounted a much more deliberate, decentralized, and effective response than many expected, striking not only Israeli territory and U.S. diplomatic and military installations but also civilian targets throughout the Persian Gulf, including airports, hotels, and energy infrastructure.”“Trump likely wants to declare victory soon. The Iranian military has been severely degraded. Israel may be running low on missile interceptors, and keeping global markets stable will require reopening the Strait of Hormuz, which Iran has declared closed to its enemies.”“But he cannot force surrender on a government that refuses it. Even after the heavy damage to Iran’s military, the regime that Khamenei put in place has powerful incentives to pursue continued conflict, and it retains a variety of tools to sustain a war of attrition.”