Is this the grand bargain that could end the Iran war?

Is a grand bargain in the air?One might not think so after Washington announced a naval blockade of Iranian ports on Monday, a move that immediately complicated any path to a durable settlement and sent oil markets surging past $115 a barrel. But two wars, a ceasefire, and now a blockade — and Iran still controls maritime traffic in the Strait of Hormuz. That is not the portrait of a defeated country. It is the portrait of a country that has converted military punishment into strategic leverage...