The US won every battle in its war against Iran but lost the war strategically, leaving Iran stronger and America's allies betrayed.

• The US bet it could topple Iran's government the way it grabbed Venezuela's Maduro, but Iran's tougher, war-ready regime never cracked.
• Killing Iran's supreme leader backfired: hardliners took over, including his son, and now hold more power than in decades.
• Iran shut down the Strait of Hormuz with mines, fast boats, and drones, and the US refused to risk its own ships to reopen it — setting a precedent that every future Iranian threat will carry real weight.
• Iran hit Gulf cities, airports, and oil sites directly, shredding America's reputation as the region's protector and pushing Gulf states to look elsewhere.
• The peace deal hands Iran huge wins: $300 billion for rebuilding, an end to all sanctions, unfrozen assets, and the nuclear question left for later.

Outlook: Iran comes out battered but far stronger, with control of the strait and a likely tolling regime on Gulf shipping starting within two months.