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Notes -
The US has a bunch of different options in Iran, but none of them are particularly good. Ordered from least aggressive to most aggressive:
The US washes its hands of the conflict, and withdraws from the Middle East entirely, including its bases in the region. Arguably this is the best long-term solution since the US presence is nowhere near commensurate with its strategic interests in the area, but doing this now looks like Iran would be singlehandedly running the US out of town, handing it a massive propaganda win and the US a massive propaganda loss. This is not seriously being considered.
The US washes its hands of the conflict, but remains in the region hoping for a status quo ante bellum but prepared to accept some sort of Iranian victory in terms of tolling the straits, regional proxies, etc. In the meantime, US bases in the region are still targets although the US can evacuate soldiers temporarily. Still a major prestige hit for the US and a big propaganda win for Iran, and eventually the US would have to deal with an emboldened + strengthened Iran, so it's just can-kicking while the problem festers.
The current operation: The US continues its high-intensity but noncommital air attacks hoping Iran blinks. If it doesn't, the US tries to wedge open the strait regardless. The best insight into how this would go is this video by Perun (who is easily one of the best defense analysts publicly posting). To summarize, the US has done an excellent job at pulverizing Iran's conventional forces like its frigates, submarines, and airframes, but it can only do an OK job at suppressing asymmetric tools like the "mosquito fleet" that could dump a few mines into the water, its shoot-and-scoot anti-ship missile launchers, and drones. The US could reduce the rate of these quite a bit, but getting them down to zero is implausible. To reopen the strait then, the US would have to heavily subsidize ship insurance, but this alone would be insufficient -- you'd likely see a few brave captains willing to YOLO it but most shipping companies probably wouldn't be willing to go full Lord Farquaad with their crew. Naval escorts would be required. The problem is that the US just doesn't have enough hulls in the region to do the dual mission. If it pulls ships away from the suppression campaign to put them on escort duty, then the rate of Iranian asymmetric fire would likely increase again. European and Asian allies would actually come in clutch here since they don't have a lot of ships with the magazine depth of an Arleigh Burke nor the power projection of a supercarrier, but they do have a lot of frigates that would be great at escort duty. The problem is that allies have been noncommital so far, and, uh, Trump isn't exactly the best diplomat. Maybe he'll be able to blackmail them into some sort of arrangement, but he'll have a steep hill to climb. There's not exactly a lot of goodwill from other democracies to come pull America's chestnuts out of the fire.
Economic warfare: The US tries to strangle Iran's economy by shutting down oil exports. The US has naval supremacy, so doing this to its maritime exports would not be hard. Iran wasn't exactly in a great economic position before the conflict, and shutting down a major chunk of its oil exports would be another severe blow. The best-case scenario is this being the straw that breaks the camel's back and triggers a general uprising that overthrows the regime. But the Iranian state is very adept at suppressing dissent, and there was already a major crackdown before the war started. If there's not a general uprising, then there might be some slim hope for this to make the regime buckle in some other way -- maybe some senior leaders rely on oil exports for their corrupt slush fund, and if this gets taken out then perhaps they try to seize control of the state and negotiate an end. But at this point we're mostly wishcasting. Also, shutting down Iran's oil exports would worsen the global supply situation which would boomerang on the US, and it would probably take more than a few weeks before the effects really started biting Iran.
The US invades Kharg island by air or by sea. The US could almost certainly take the island relatively easily, but stationing marines there for an extended period would expose them to strikes from the Iranian coast. It's a decent ways from the mainland, but not far enough that it would be considered "safe" by any means. People have speculated that this would be used to shut down Iranian seabound oil exports, but that's already very doable with the US navy in the region, so the main point of this would be to use it as a bargaining chip of some sort. "See how serious we are, we're willing to invade sovereign Iranian territory!" That sort of thing.
The US invades Qeshm island, which is situated in the narrowest part of the strait. This removes one of the easiest launch points and lets the US set up a defensive perimeter as well as being another bargaining chip to hand back to Iran to get them to make peace. But it alone doesn't remove Iran's ability to target ships, it just removes one avenue. It's also fairly large, well-populated, and situated closer to the Iranian mainland than Kharg with Bandar Abbas right there. All this puts US troops at much greater risk while still not forcing a decisive outcome.
The US invades a bunch of Iranian islands like Kharg, Qeshm, Kish, Lavan, Siri, Abumusa, etc. This gives more bargaining chips I guess, but I don't know what the other islands would give beyond that. I've heard some people float the idea of giving Musa and Tunbs back to the UAE after Iran seized it from them a few decades ago, but otherwise Iran still has the mainland and can still credibly threaten ships.
The US invades the Iranian mainland to establish a buffer zone between the regime and the Gulf. The larger it is the more effective it would be at stopping shorter range missiles and patrolling for random fishing boats with mines, but this is a massive escalation and would take many tens of thousands of troops at the minimum to be effective, and at this point Iran could switch from targeting ships to targeting US soldiers until it hopes the US loses political will.
The US invades, and seeks to balkanize the country through its various ethnic minorities to render it impotent. This would reduce US exposure over the longer term, but it's unlikely to get much backing if those regions think the US will just abandon them in short order without giving them their own means of establishing deterrence. It would also inflame regional tensions -- I doubt the Turks would like a Kurdish pseudo-state on their border, and ditto for Pakistan in terms of a Baloch state.
The US does a full regime-change invasion and seeks to occupy the entire country to force an end once and for all. The smallest operation could be something with special forces to take out Iranian nuke stockpiles assuming US intelligence knew where they were, but even that would mostly just be can-kicking since they could just restart their nuclear program after the US left. The long-term solution would be to occupy everything, dismantle the nuclear program and missiles, put a Delcy Rodriguez in charge that's more amenable to US interests, then leave ASAP and cross their fingers that it doesn't all revert afterwards. Going this route would require months of preparation, hundreds of thousands of troops, and a large amount of political will that I doubt the US has.
My guess is option 2, framed around a negotiated ‘ceasefire’. Netanyahu said this week that Iran is no longer an existential threat to Israel. That is obviously a lie, the highly enriched uranium they already have hasn’t even been confiscated, the regime is still in place and angrier, etc.
So why make that statement? The only reason you make it is to set up a US withdrawal that isn’t yours choice as something you acquiesce to. The Israel Hezbollah war will continue, and for that reason Iran will likely continue to fire missiles at Israel and vice versa, but the intensity will probably slow down.
Iran will control the strait and it will have nuclear weapons within five years. It may extract tolls from some vessels, although I have my doubts that revenue will flow to the Iranian treasury. The Saudis and other Gulf Arabs will likely build more pipelines, maybe even north through Jordan and Syria to the Mediterranean. The US will be humiliated, especially once the damage to the evacuated bases becomes clear. The GCC nations, especially the weakest, closest US allies and most vulnerable to Iran like Bahrain and Kuwait will probably sign punitive peace deals with the Iranians. So might Saudi. Behind the scenes they will put a lot into air defense.
Oil prices will slowly come down. Trump will claim he killed the Ayatollah and taught the Iranians a lesson they won’t forget, and the navigation issue is for the locals who use the oil to figure out. Nobody in America cares much about the SoH. His base will believe him. Trump has extraordinary political instincts and few personal principles. A steady flow of US deaths in a long war is poison for the same reason that allowing the Pro-Life lobby to try to force a nationwide abortion ban or heavy limits on congress would be political poison when leaving it to the states washes his hands of the issue entirely.
Or put it this way - Trump chickened out of tariffs that would have been far less damaging to him than 10,000 American military deaths in a full or even partial invasion. Why would he TACO the former but not the latter?
Everything you wrote here is very plausible, and it's probably the modal outcome.
Of course, Trump's TACO tendencies are somewhat unpredictable, and it's also plausible that his advisors are telling him something like "sir, we're on the cusp of victory. If we pull out now it will be a defeat, but if we just give it 2 more weeks..."
I doubt Trump has the foresight to understand that logic is how leaders get sucked into quagmires without meaning to.
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