Early this morning, with Asian markets sharply down and oil tankers idling in the Strait of Hormuz, President Trump offered Iranian leaders a familiar mix of threats but also a reprieve. What had been, only days earlier, a 48-hour ultimatum'reopen the strait or face the destruction of energy infrastructure 'softened into something more elastic: a five-day extension for what he described as 'very good and productive' talks with Tehran. The contours of the talks were not immediately clear, though Trump suggested while leaving Palm Beach this morning that both he and 'the ayatollah, whoever the ayatollah is' should control the Strait of Hormuz, through which one-fifth of the world's oil supply passes. He boasted of 'major points of agreement' and assured reporters that Iran, like the United States, wants 'very much to make a deal.' Otherwise, he added, 'we'll just keep bombing our little hearts out.' The gap between Trump's claims and Iran's categorical denials underscores how little...
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