“In just six weeks, the Iran War has shattered a system of global trade that has enriched people and nations for more than a century: the freedom to sail the open seas,” the Wall Street Journal reports.

“The Strait of Hormuz long functioned as an artery for the world’s maritime economy. But that 30-mile-wide waterway is now a monument to a new global disorder. As some 20,000 sailors effectively held hostage at sea digested President Trump’s cease-fire announcement this week—contingent on the complete opening of the strait—Iranian officials stressed they would determine which ships could leave and at what price.”

“The ‘Tehran toll booth’ was taking effect, as the U.S. Navy watched on, an admission that, at least here and now in the world’s oil corridor, America no longer rules the waves.”

“Iran still has thousands of ballistic missiles in its arsenal that it could use by retrieving launchers from underground storage areas, according to American officials familiar with U.S. intelligence assessments,” the Wall Street Journal reports.

“The assessments come as the U.S. is working to cement a cease-fire that would fully open the Strait of Hormuz and also insulate Iran, American troops and states in the region from further attacks.”

“Six weeks after President Donald Trump started a war in Iran that has proved difficult to end, he has turned to a new approach in negotiations: Putting front and center his vice president, JD Vance, whose reputation happens to be as the administration’s foremost war skeptic,” the Washington Post reports.

Wall Street Journal: “It is the latest test for a politician who many believe hopes to succeed Trump in the White House and presents acute risks. Vance, an anti-interventionist who attempted to distance himself from the war in its early days, is now more closely tied to its outcome.”

Financial Times: Peace talks present big test on global stage for JD Vance.

Aaron Blake: “The week began with President Donald Trump saber-rattling like we’ve never seen before. He threatened apparent war crimes and to end a ‘whole civilization’ if Iran didn’t meet his demands.”

“It is ending with Trump looking like he’s losing leverage, out of ideas — and increasingly anxious for an offramp.”

“The economic news Friday was especially grim for Trump’s ability to keep prosecuting this war and drive a hard bargain with Iran in upcoming negotiations.”

President Trump, on Truth Social:

“The Iranians don’t seem to realize they have no cards, other than a short term extortion of the World by using International Waterways. The only reason they are alive today is to negotiate!”