As the war in West Asia grinds into its tenth week, Washington has rejected Tehran’s off-ramp. The Trump administration appears ready to prolong the conflict, even as legal questions mount at home. On the other hand, divisions in Iran’s leadership have sharpened over the nuclear path forward. Meanwhile, the UAE’s exit from OPEC sheds light on strained relations with Riyadh and Abu Dhabi’s economic ambitions. The move could reshape alliances and markets, and, once trade resumes, push prices downward.

The standoff between the US and Iran in the Strait of Hormuz continues as the war enters its tenth week.…