US Nears Iran War End Deal, But Key Strategic Aims Remain Unfulfilled

President Donald Trump says the U.S. is close to signing a deal with Iran to wind down the war, with a memorandum of understanding set to be signed in Europe in the coming days. AP and NBC report that despite killing Supreme Leader Ali Khamenei and degrading much of Iran's military, the administration has not fully met its core objectives.
The war, launched on February 28, 2026 under the codename Operation Epic Fury, has cost an estimated $2.2 trillion in global economic damage, according to Vision of Humanity. Iran still holds roughly 21-22% of its pre-war missile capacity, NBC reports — a figure that undercuts White House claims of a decisive victory.
On March 2, 2026, Trump outlined four main goals: destroy Iran's ballistic missiles, wipe out its navy, stop Iran from getting nuclear weapons, and cut its ties to proxy groups, Iowa Public Radio reported. The U.S. and Israel dropped roughly 7,500 munitions and took out 150 Iranian air defense systems, according to IDF figures cited by WFMZ.
Trump initially claimed "90% of their missiles" were destroyed, then revised that number to 82%, and most recently to "78-79%," AP reported. Iran retains enough capacity to keep launching drone strikes on U.S. bases in Jordan and Kuwait. Its proxy networks in Lebanon and Yemen remain active, The Guardian noted.
On March 4, 2026, Iran effectively closed the Strait of Hormuz. Oil prices shot up to between $113 and $120 per barrel by April and May, The Guardian reported. The International Energy Agency released 400 million barrels of emergency crude to stop a total market collapse, according to Vision of Humanity.
The disruption fueled a surge in U.S. inflation, now running at 4.2% — the highest in three years, Michigan Independent reported. Critics have called it the "Hormuz paradox": a war meant to secure energy independence ended up causing the largest supply disruption in history. On June 12, Brent Crude fell to $85 on deal rumors before climbing back to $89, The Guardian noted.
The draft agreement is a 7-to-14 point memorandum expected to be signed in Switzerland or Pakistan, Middle East Eye reported. Iran's new Supreme Leader Mojtaba Khamenei — who took over after his father was killed in the opening strikes — is demanding $24 billion in unfrozen assets as part of the deal, according to i24 News.
Analysts at the Soufan Center warn that both sides are trying to "present a potential war-ending agreement as a victory." Sanctions relief for Iran would be tied to compliance, but with 20% of missile capacity still intact, experts say the proxy conflicts in Lebanon and Yemen are likely to continue regardless of what gets signed.
Iran claims more than 1,500 civilians were killed in the conflict. The U.S. has confirmed 13 service member deaths, according to Global Conflict Tracker and Iowa Public Radio. A temporary ceasefire in April quickly broke down into what analysts called a "frozen conflict" with intermittent strikes on both sides.
Pentagon chief Pete Hegseth called the operation a necessary response to "yearslong targeting" of U.S. interests, Iowa Public Radio reported. The Brookings Institution argued the war showed that U.S. forward-deployed bases no longer "enjoy sanctuary," after Iranian drones successfully hit targets in Bahrain, Kuwait, and Jordan despite American air superiority.
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