The US has backed off a larger attack on Iran because it is running out of the missiles it needs to defend its own troops and allies, a sign the war is going badly for Washington.

• A "massive" strike plan, including hits on Iran's energy sites, was shelved within hours after advisers warned of dwindling weapons stockpiles.
• The US has burned through more than 1,200 Patriot interceptor missiles, each costing millions, while Iran still holds most of its own missiles.
• The Strait of Hormuz stays shut, and there is no military way to reopen it — only a deal, which would mean admitting the war was lost.
• The Houthis are blockading Saudi ships and now threaten the Bab al-Mandab Strait too, squeezing another key shipping route.
• Global energy and shipping costs stay under pressure as long as both chokepoints are blocked.

Outlook: The pause looks temporary — escalation is on hold, not off the table, especially with Netanyahu heading back to the White House.