The Persian Gulf is blowing up. These 3 obstacles explain why.

U.S.-Iran talks have foundered. America's naval blockade has not reopened the Strait of Hormuz. Iran, for its part, has confronted Washington's "Project Freedom" directly — by denying passage to a South Korean vessel, and targeting two American warships and Fujairah Port. Donald Trump stopped short of declaring that Tehran has violated the ceasefire. "They were shot down for the most part," the president said of the Iranian drones and missiles. "One got through. Not huge damage." Meanwhile, the...