But Tehran has been playing the waiting game for months, and it knows Trump doesn’t have much time, either. Throughout the conflict, Iran has prolonged negotiations or launched strikes on commercial vessels that complicate negotiations. And now, Tehran is demanding major concessions to reopen the waterway, and even refusing to negotiate with President Trump at all and waiting until he leaves office. Iran, however, appears convinced that its own strategy of waiting is already working. Iran knows that the Strait of Hormuz is its greatest leverage—and the regime has used it expertly.