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Two and a half months after President Trump ordered U.S. forces to bomb Iran, there is no war, no peace, and the Strait of Hormuz is still closed at both ends. The global economy is staggering from the loss of energy resources (oil and natural gas) that normally traverse the strait. Iran wants to establish its sovereignty over the Strait of Hormuz as part of any settlement. What's actually happening out there? The Wall Street Journal's chief foreign affairs correspondent Yaroslav Trofimov joins us from Dubai, which faces the Persian Gulf.