This means all routes to ending the conflict while avoiding economic disaster will require negotiating with Iran, which will require conceding to Iran some or other things it wants. What Iran WantsWhat Iran wants in exchange for reopening the Strait of Hormuz is, for better or worse, a wider-ranging wishlist than just tolls on ships. A peace deal with Iran that allowed the world to buy Iranian oil and gas, even only in the short run, would ironically go a long way towards averting economic disaster. The latest proposals being reported on suggest Iran and Oman have agreed to manage shipping through the strait bilaterally, with Iran managing inbound traffic and Oman managing outbound traffic. Defense reform, reindustrialization, electrification, and resource extraction will not allow the U.S. and its allies to pressure Iran into a favorable peace deal in the short term.