The United States is staring a historic “strategic defeat” in the face five months after launching the Iran war at Israel’s behest, according to Middle East observers. The Islamic Republic is unlikely to fully relinquish its new-found hegemony over the Strait of Hormuz, despite US President Donald Trump’s rhetorical mix of daily ultimatums and optimism about a deal, they say. Doing so would be giving up its leverage over the global economy – by far its greatest weapon in a war it cannot win...