Iranian leaders arguably overplayed their hand over the summer, attacking oil tankers even after signing a memorandum of understanding to reopen the Strait of Hormuz. If the U.S. hopes to end the conflict in the Persian Gulf, it should be wary of its own bout of hubris. Iran acted because it feared losing leverage after the U.S. pressed ships traversing the strait to hug the Oman coast rather than submit to Iranian oversight. In response, the U.S. has strangled the Iranian economy by blocking oil exports and beefing up sanctions, even as it’s begun clearing a safe channel for shipping from other Gulf countries. While costly, the effort appears to be yielding results: According to JPMorgan Chase & Co. and Goldman Sachs Group Inc., shipments of crude oil (including those using bypass routes) have rebounded to near pre-war levels. That likely explains why Iranian negotiators are now seeking an accelerated return to the June memorandum, in which the U.S. promised to unfreeze Iranian assets and allow oil exports in exchange for reopening the strait and a return to nuclear talks. The White