The US has burned through so many of its missiles that it backed off attacking Iran, a sign of American military weakness that strengthens Iran's hand.

• Trump privately blew up at Defense Secretary Pete Hegseth after learning US missile stocks were far lower than he'd been told.
• About 80% of the THAAD air-defense interceptors are gone, along with more than half the Tomahawk missiles, and replacements take years to build.
• The shortage was a key reason Trump called off a major strike on Iran, despite publicly claiming the US has "massive" munitions.
• Iran cut a deal with Oman to control shipping through the Strait of Hormuz, letting Iran charge tolls and decide who passes — a big gain for Tehran.
• Israel keeps striking Lebanon and has floated unverified claims that Iran already has a nuclear bomb, apparently to derail any US-Iran deal.

Outlook: With weapons stocks depleted for years, the US has little leverage to force the Strait open, so Iran keeps the upper hand unless Trump agrees to ease off.