Trump “has tried to sell the new cease-fire as a victory,” writes Hussein Banai. “But Tehran has a strong claim that it won, too, and its story of victory is both simpler and better matched to the facts on the ground.”

After 107 days of hostilities, the war in Iran has settled into a stalemate—the “least admired of diplomatic outcomes,” writes Hussein Banai. “Still, this result doesn’t need to be a defeat for the United States.”