Two American service members are dead. Another is missing. Four more were medically evacuated after Iranian ballistic missiles and drones struck a US base in Jordan on Friday night.

The American death toll in this war now stands at 16, with more than 430 wounded.

And none of it needed to happen.

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The off-ramp Trump threw away
Five weeks ago, Donald Trump had in his hands something no American president has held since 1979: a signed memorandum of understanding with the Islamic Republic of Iran.

The Islamabad Memorandum, mediated by Pakistan, gave him everything he claimed to want — a cessation of hostilities, the reopening of the Strait of Hormuz, and a 60-day window to negotiate a comprehensive settlement.

“Ships of the World, start your engines,” he crowed on social media. “Let the oil flow!”

President Trump:

The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships… pic.twitter.com/hhZnbVm5tg

— World Source News (@Worldsource24) June 14, 2026

He could have walked away a peacemaker. He could have claimed — with some justification — that he had achieved his military objectives and brought Iran to the table. History hands few leaders such a clean exit from a war of their own making.

Instead, the criticisms got to him. The commentators who called the MOU a “capitulation”. The hawks who said he had let Tehran off the hook. The whispers that he had blinked.

A more disciplined statesman would have ignored the noise and banked the win. Trump could not. His ego demanded vindication, and so — seizing on alleged violations that both sides traded in equal measure — he declared the ceasefire “over” and unleashed eight consecutive days of bombardment on Iran.

Yesterday, Tehran formally suspended its commitments under the interim deal. The statement read out on Iranian state television called Trump’s signature “worthless and invalid.” Asked about it, Trump said he “couldn’t care less”.

He should care. Because the memorandum was the only off-ramp he had. And he has just burned it.

Napolean, Hitler, and the fatal arithmetic of ego
I have written before about what happens when leaders substitute ego for strategy. Napoleon crossed the Niemen in 1812, not because Russia threatened France, but because his pride could not tolerate a Tsar who defied the Continental System.

Six months later, the Grande Armée — the finest fighting force in Europe — had been reduced to a frozen remnant staggering back across the Berezina.

Hitler launched the Ardennes offensive in December 1944 against the unanimous advice of his generals, gambling his last armoured reserves on a fantasy of splitting the Allies. Within a month, the Wehrmacht had lost the men and machines it needed to defend Germany itself.

The pattern is always the same. The leader mistakes an adversary’s restraint for weakness. He confuses the opening phase of a war with its outcome. And he doubles down at precisely the moment when a wiser man would consolidate and withdraw.

Trump is now running the same script. After eight days of renewed bombardment, Iran has not capitulated. It has hit back — hard. Four separate Iranian missile attacks struck US bases in Jordan in the past week alone, wounding dozens and destroying helicopters, before Friday’s strike killed two soldiers.

Iranian drones and missiles have forced air defences into action across Kuwait, Bahrain, Qatar and Jordan simultaneously. This is not a defeated adversary. This is a state executing precisely the forward-defence doctrine it has spent 40 years building.

The arithmetic of attrition
Remember what happened in the first phase of this war. America’s stockpiles of interceptors and precision munitions were drawn down at a rate that alarmed the Pentagon’s own planners. Defending fixed bases against waves of cheap drones and ballistic missiles is the most expensive proposition in modern warfare: you exchange million-dollar interceptors for hundred-thousand-dollar projectiles, night after night.

Iran manufactures its weapons at home. America must ship its own across two oceans — through waters Iran is actively contesting.

The longer this drags on, the worse that arithmetic becomes. And it will drag on, because Iran’s strategy does not require it to defeat the United States. It requires only that it endure — bleeding American forces, closing the Strait of Hormuz to shipping, and letting war-risk premiums and blockade economics do the rest.

As someone who spent three decades in marine insurance and war risk, I can tell you: the market is already pricing what the White House will not admit. A fifth of the world’s seaborne crude ran through Hormuz. It is not flowing now.

The second checkpoint: Bab al-Mander
And now Tehran has placed its next card on the table. Reuters reports that Iran has instructed the Houthis to close the Bab al-Mandeb Strait — the gateway between the Red Sea and the Gulf of Aden — if Trump follows through on his threat to strike Iran’s power grid.

This is not posturing. Houthi missiles and drones are already deployed near the strait, awaiting an order that Revolutionary Guard representatives inside Yemen will control. The IRGC has stated its doctrine in a single sentence: the region’s energy exports will be “either for everyone or for no one”.

Understand what this means. With Hormuz shut, the Red Sea became the world’s escape valve — the Saudis have been rerouting crude across their east-west pipeline to Yanbu, and roughly seven percent of global oil output squeezed through the Bab al-Mandeb last month, alongside some 12 percent of all global trade bound for the Suez Canal. Close that strait, and both of the Middle East’s export arteries are severed simultaneously. A quarter of the world’s energy supply — blocked at both ends.

There is no third route. There is no pipeline capacity that can absorb it. Ali Akbar Velayati put it plainly: the Resistance has the capability to lock both waterways.

The global economy is already careening towards crisis on the closure of one chokepoint. The closure of two is not a crisis. It is a convulsion — fuel rationing, freight rates at wartime levels, insurance markets in seizure, inflation surging through every economy on earth. And the trigger for it now sits not in Washington but in Sanaa, in the hands of a militia that answers to Tehran.

Trump’s own escalation has handed Iran a weapon aimed at the wallet of every household in the Western world.

No way out
Here is the difference between this round and the last. In June, Pakistan could mediate because both sides retained something to trade. Today, Iran has declared Trump’s signature “worthless”. What Iranian leader can now sign a document bearing that signature and survive politically? What mediator can broker a deal when one party has publicly established that the other’s word means nothing?

Iran’s Supreme Leader says US breaches show Trump’s signature is ‘worthless’ https://t.co/U1boWrA4ct https://t.co/U1boWrA4ct

— Reuters (@Reuters) July 18, 2026

Trump has manoeuvred himself into the one position a great power must never occupy: a war he cannot win, cannot afford, and can no longer end.

Napoleon at least had Moscow to march towards. Trump is bombing a country of 90 million people with no defined objective beyond his own vindication, while his soldiers die defending bases that exist only to sustain the war that endangers them.

Sixteen Americans are dead. More will follow.

And every one of them is the price of a president who was handed peace and could not bear to keep it.

Lim Tean is a Singaporean lawyer, politician and commentator. He is the founder of the political party People’s Voice and a co-founder of the political alliance People’s Alliance for Reform. He also hosts Lim’s Substack.

Former US Vice-President Mike Pence wants Donald Trump to “finish the job” in the Strait of Hormuz.

After 130 days of war that failed to reopen it for a single day, a shipping lawyer must explain to the Pence who actually rules the Strait.

It isn’t CENTCOM. It is a committee room in London.

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Mike Pence declared this week: “If the Iran deal is over, President Trump should unleash the Armed Forces of the United States to finish the job: destroy their nuclear and missile programmes, end support for terrorist proxies and restore freedom of navigation in the Strait of Hormuz.”

Finish the job. Consider the phrase. It implies the job was ever within America’s power to finish — that somewhere in the arsenals of the United States there exists a munition capable of reopening the Strait of Hormuz.

There isn’t. There never was. The past 130 days have proven it beyond any argument, and the fact that Pence has not absorbed the lesson tells you how little the American political class understands about the war it started — and how catastrophically ill-advised Trump has been by the men around him.

What the bombs couldn’t do
Let us recall the record, because the record is merciless.

On 28 February, the United States and Israel launched their grand aerial campaign against Iran. Washington called it Operation Epic Fury. Iran answered by closing the Strait.

The United States then imposed a naval blockade of Iranian ports, struck hundreds of targets, and deployed the full theatrical repertoire of American power. Thirteen American service members came home in coffins. More than 7000 people died across the region.

And the Strait? The Strait remained closed.

Tanker traffic through the world’s most vital energy chokepoint collapsed by more than 90 percent. Some 360 vessels sat stranded on either side of the passage.

Eight of the world’s largest container lines abandoned the Gulf entirely and sent their ships around the Cape of Good Hope, as if Suez and Hormuz had never been cut, as if we had returned to the age of sail.

That is the “job” Pence wishes to finish. Four months of the most intensive American military operations since Iraq did not restore freedom of navigation for a single day. Only a negotiated settlement — the Islamabad Memorandum of June 17, brokered by Pakistan, not won by CENTCOM — briefly cracked the Strait open.

And when that truce collapsed this week, with Iran striking commercial vessels and Trump declaring the ceasefire over, the Strait slammed shut again within hours.

The bombs opened nothing. The diplomats opened it briefly. The bombs are now guaranteeing it stays closed. This is the arithmetic Pence cannot count.

The judge who actually rules the strait
Here is what Pence, and evidently Trump’s advisers, have never understood: the Strait of Hormuz is not governed from Washington, or even from Tehran. It is governed from London, from the unglamorous committee rooms of the marine insurance market.

I spent decades in international shipping law, across Iran, Indonesia, Ukraine and half the maritime world, and I can tell you that no force on earth moves a merchant vessel that its insurers have abandoned.

Every commercial ship afloat carries three layers of insurance. There is Hull and Machinery cover — H&M — insuring the vessel itself, an asset worth $100 million or more for a modern VLCC. There is Protection and Indemnity cover — P&I — insuring against third-party liabilities: pollution, crew death and injury, wreck removal, cargo claims.

And there is Cargo insurance, covering the value of the goods themselves — and a laden supertanker’s crude can today be worth nearly as much as the ship that carries it.

All three carry war risk exclusions. War, mines, drones, missiles — none of it is covered under standard terms. To sail into a zone of conflict, an owner must purchase separate War risk cover, and that cover is switched on and off by the Joint War Committee of the London market, which maintains the list of designated high-risk areas.

When the JWC lists an area, premiums explode, cover becomes voyage-by-voyage, renewable in seven-day windows, cancellable on notice.

When underwriters lose confidence entirely, cover simply evaporates — and a ship without insurance does not sail. Its lenders forbid it. Its charterers refuse it. Its flag state warns against it.

Now observe what actually happened in this war. Within 48 hours of the February strikes — before Iran had laid a single mine, before the IRGC had struck a single tanker — the war risk market had already shut the Strait. Insurers terminated existing policies. The Joint War Committee designated the entire Persian Gulf.

Premiums that stood at 0.25 percent of hull value surged past 1 percent, then to several percent — for a single transit. On a $150 million VLCC, that is millions of dollars per voyage, before the cargo is even insured.

Daily charter rates for supertankers quadrupled toward $800,000.

The insurance market closed the Strait before Iran’s navy did
The commercial shutdown preceded the physical blockade. That single fact demolishes Pence’s entire thesis. You cannot bomb your way to freedom of navigation, because freedom of navigation is not a military condition. It is a commercial one.

It exists when a Lloyd’s underwriter is willing to write a policy at a price a shipowner can bear. No B-2 strike has ever changed an actuarial table in the attacking power’s favour. Every strike makes the table worse.

The market never believed the peace
And here is the detail that should end this debate permanently. Even during the June truce — even after Trump stood at Versailles proclaiming “Ships of the World, start your engines” — the war risk designation never came off.

The Joint War Committee did not delist the Gulf. Premiums remained at multiples of their pre-war level. Underwriters kept writing cover voyage by voyage, week by week, ready to withdraw at the first drone.

The men who price risk for a living looked at Trump’s Memorandum of Understanding and rendered their verdict: they did not believe it. July 8 proved them right. The market understood what the White House did not — that a ceasefire built on deferred questions, contested toll clauses and mutual bad faith was a pause, not a peace.

Now, with the MOU dead, any prospect of the designation lifting is dead with it. The Strait’s status as a war zone is entrenched for the foreseeable future.

Mike Pence proposes to fix this with more air strikes. Understand what that means in practice: every American bomb that falls on Iran adds basis points to a war risk premium, extends the JWC’s listed area, and pushes more tonnage onto the long route around Africa.

Even if the United States Navy physically escorted every tanker — an operational fantasy in waters saturated with Iranian drones, missiles and mines — the underwriters would still price the corridor as a battlefield, because it would be one.

Washington already tacitly admitted this when it directed the Development Finance Corporation to stand up a $40 billion reinsurance backstop, turning the American taxpayer into the marine insurer of last resort. When your own government must insure the ships because the market will not, you have conceded that the market does not believe your military assurances.

There is no clearer confession of strategic failure.

The victory America threw way
The tragedy — and I use the word deliberately — is that America had its exit in March. In the first weeks of the war, Trump declared that Iran’s military had been destroyed and the Strait was open.

The obvious move, the move a Bismarck or a Nixon would have made, was to declare victory and walk away. Announce that the nuclear facilities lay in ruins, that the objective was achieved, and that the Strait of Hormuz — through which barely a trickle of America’s own oil passes — was henceforth the problem of those who actually depend on it: China, which draws over 40 percent of its seaborne crude through the passage, India, Japan, Korea, Europe.

Let Beijing negotiate with Tehran over tolls. Let Asia underwrite the convoys. America, the world’s largest oil producer, could have watched from across two oceans.

Instead, Washington chained its prestige to a waterway it does not need and cannot control, and handed Iran the greatest strategic gift imaginable: a permanent instrument of leverage over the global economy that costs Tehran almost nothing to wield.

Iran does not need to win a naval battle. It needs only to keep the actuaries nervous — a drone here, a mine there, a seized tanker when the mood takes it. Its Persian Gulf Strait Authority now sells passage to favoured nations at seven-figure fees, exercising precisely the sovereignty over the Strait that its negotiators promised it would never surrender.

The Strait, as Iran’s chief negotiator said plainly, will not return to pre-war conditions. He was telling the truth. Washington simply refused to hear it.

The lesson Pence will never learn
This is what the collapse of the old order looks like in practice — what I have called the Legitimacy Principle. American power can destroy, but it can no longer compel. It can level a nuclear facility, but it cannot make a Greek shipowner send a $150 million vessel and 25 souls through a minefield.

It can blockade Iranian ports, but it cannot force a Lloyd’s syndicate to write a policy it knows will lose money. The instruments that actually govern the world’s arteries — insurance markets, charter rates, the quiet risk calculus of men in London and Singapore and Piraeus — do not answer to CENTCOM.

Mike Pence looks at the Strait of Hormuz and sees a target list. A shipping lawyer looks at it and sees a war risk clause. The clause has beaten the target list for 130 days, and it will beat it for a 130 more.

“Finish the job” is not a strategy. It is the sound of a man who has learned nothing, advising a president who was told nothing, about a war that neither of them can win.

Lim Tean is a Singaporean lawyer, politician and commentator. He is the founder of the political party People’s Voice and a co-founder of the political alliance People’s Alliance for Reform. He also hosts Lim’s Substack.

“They’re scum … they’re led by sick people and they’re vicious, violent people.

There’s something wrong with them. They’re cuckoo. As far as I’m concerned, it’s over.” Trump said after bombing Iran yesterday and and again today — and threatening to tear up the MOU.

The pussy-grabbing “Leader of the Free World” has always had poor impulse control but we are moving into a new phase with F-bombs, real bombs and threats to entire civilisations becoming daily occurrences.

What has largely been left unreported after Trump’s outburst at the NATO Summit in Ankara is the elegant response from the Iranians.

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Iran’s Fars News Agency reported Foreign Minister Seyed Abbas Araghchi dismissing Trump’s insulting remarks. He stressed that Tehran does not answer vulgarity with vulgarity, but with action.

FM: Iran Not to Answer Vulgarity with Vulgarity, But with Actionhttps://t.co/iFneZILzw2 pic.twitter.com/vyy3T2wfSY

— Fars News Agency (@EnglishFars) July 8, 2026

“Addressing the Civilised and Courageous Nation of Iran with derogatory language does not diminish its Greatness,” Araqchi said. He added that Iranians were renowned for their “civility, culture, and strong moral values”.

I can vouch for that. I have visited Iran a couple of times, most recently in 2018, and have friendships with Iranians today. Some are anti-government, some are pro-government; all are intelligent, courteous people.

Travelling through Iran it is impossible not to notice that good manners and generosity are deeply embedded in Iranian culture.

And then there’s the Americans.

Best-in-class days gone
I remember attending the APEC summit in Kuala Lumpur in 1998 with the New Zealand delegation. At the time the American diplomats were considered best-in-class, to be emulated. Those days are long gone.

When Trump said in an earlier threat over the Strait of Hormuz: “You close it and you won’t have a country. You won’t even make it back to your fucking country” his diplomats made no efforts to soften the edges.

Trump threatened to end the entire Iranian civilisation overnight and the collective West did not demur. No class.

The West is now led by a senile version of Sammy The Bull Gravano, the New York mobster — violent, uncultured and believing that whacking someone is the solution to every problem.

Trump’s outbursts may not simply be a reflection of his lack of moral education but are likely symptomatic of his serious cognitive decline. Dementia experts cite a sudden increase in swearing or crude language as a neurological symptom.

The pussy-grabbing Leader of the Free World has always had poor impulse control but we are moving into a new phase with F-bombs, real bombs and threats to entire civilizations becoming daily occurrences.

While Trump rants, Tehran’s sophisticated diplomatic corps — packed with PhDs who understand the nuances of international law far better than the real estate agents Trump sends in to bat for the USA — have quietly outmaneuvered the Americans in purely diplomatic terms.

The reason for Trump’s potty-mouthed tantrum is clear: he’s not getting away with murder.

The Iranians are not letting the Americans and Israelis get away with breaching the Memorandum of Understanding.

Tehran safeguarding sovereignty
Iran’s Foreign Ministry Spokesman Esmail Baqaei stated that the United States has violated the framework of the Islamabad Accord signed by the two countries, stressing that Tehran will firmly safeguard its national interests and sovereignty.

It is impossible to read the text of the MOU and not see that Iran is on firm ground.  Article One of the signed MOU reads:

“The Islamic Republic of Iran and the United States of America, and their allies in the current war, by signing this MoU, declare the immediate and permanent termination of military operations on all fronts, including in Lebanon, and undertake from now on not to initiate any war or any military operation against each other, and to refrain from the threat or use of force against each other, and ensuring the territorial integrity and sovereignty of Lebanon. The final Deal will confirm the permanent termination of the war on all fronts, including in Lebanon, and other provisions of this paragraph.”

Pacta sunt servanda — “agreements must be kept” — has been a bedrock of international law since before the Roman Empire.  American Exceptionalism has, until now, given itself an exception to the rule. No more, one hopes.

Israel’s war and war crimes in Southern Lebanon have continued since the US signed the MOU.  Iran is imposing a new rule on the Middle East: the rules apply to everyone, including the US and Israel.

Last night, America bombed Iran. Again.

Dozens of strikes — four to five times heavier than the last round — against radar sites, anti-ship missile batteries, and the Revolutionary Guard’s swarm boats. Explosions lit up Bandar Abbas, Sirik, and Qeshm Island.

And what will it change? Nothing.

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Because the strikes were a response to something far more revealing: in the space of 24 hours, three tankers — a Qatari LNG carrier, a Saudi supertanker, and a third vessel hit by drone — were struck in the Strait of Hormuz.

Look at where they were hit. All three were transiting the southern corridor hugging the Omani coast — the route Washington has designated, patrolled, and blessed with the protection of the US Navy.

That is the whole story in one map. The Strait of Hormuz today is not one waterway. It is two rival corridors.

A northern route, designated by Tehran, where ships must register with Iran and sail under Iranian rules. And a southern route, sponsored by America, where the Gulf states send their oil under the shadow of the Fifth Fleet.

‘No American route’
Iran’s message this week could not be clearer: there is no American route through “their” strait.

Tehran did not even claim the attacks. It didn’t need to. State television simply noted that a vessel had “ignored warnings”. After the American bombs fell, Iran’s military declared it would deliver a “crushing response” and that the only safe passage through Hormuz “is one set by Iran”.

Understand what is actually being contested here. This is not about tankers. It is about governance. For 80 years, freedom of navigation in the Gulf has meant navigation on Washington’s terms.

Iran is now asserting something revolutionary: that the power which sits astride the strait — geographically, permanently, immovably — will write the rules of passage. Not the US Navy. Not the Joint Maritime Information Center in Bahrain.

And here is what Washington refuses to grasp: Iran has already priced in the bombs. It absorbed strikes 10 days ago. It absorbed heavier strikes last night. It will absorb the next round too.

Every strike costs America political capital, splits it further from European allies who have barred their bases from offensive operations, and pushes oil and bond yields higher. Every strike costs Iran some radar stations and speedboats — assets it regards as expendable ammunition in a war of endurance.

Iran is the dog that has the Hormuz bone between its teeth. You can beat the dog. You can bomb the dog. The dog will yelp, bleed — and bite down harder.

Not bargaining chip
For Tehran, control of Hormuz is not a bargaining chip. It is the last and greatest source of leverage it possesses, the one card through which the rising regional hegemon dictates the terms of 20 percent of the world’s energy.

The rules-based order said the strait belonged to everyone. The emerging order says the strait belongs to those with the legitimacy — and the will — to hold it. Iran is betting it can outlast American patience.

History suggests the dog usually keeps the bone.

Lim Tean is a Singaporean lawyer, politician and commentator. He is the founder of the political party People’s Voice and a co-founder of the political alliance People’s Alliance for Reform. He also hosts Lim’s Substack.