Trump has ordered another strike against Iran, aiming to force Tehran to surrender. Why should Iran, which engages in minor skirmishes, surrender? Iran excels at turning conflicts into prolonged costs that the U.S. is unwilling to bear. For Tehran, prolonging the conflict may actually be more advantageous. Trump’s dream of achieving total victory through limited warfare is delusional; yet he lacks the resolve to commit to full-scale war. Prolonged conflict → sustained high oil prices → recurring inflation → Fed maintains high interest rates → continued global liquidity tightness → pressure on risk asset valuations. A protracted stalemate in war steadily drains global financial markets—just wait it out.