1. Israel wants to ruin Iran permanently, to turn it into Somalia 2.0, meaning a quasi-state with no organized, central government. Were they to succeed in this it would be a humantarian disaster the likes of which we haven't seen since probably WW2. Tens of millions of refugees that will probably collapse surrounding countries;
2. The US (IMHO) wanted to placate Israel with a cheap decapitation strike that would force regime change and bring in a US-friendly regime, similar to Venezuela. This was completely unrealistic and they completely underestimated Iran's ability to maintain an offensive capability. We don't even know how much Iran's missile and drone capability has been degraded (to the GP's point). I don't even believe it's been degraded 50% (as GP claimed) abut we have no way of knowing. The entire Iranian military is built to resist a strategic bombing campaign;
3. Iran no longer trusts the US as a good faith actor and negotiator after multiple incidents of acting in bad faith, killing their negotiators and bombing an embassy so their goal is to make the price of this war so high economically that the US never thinks about doing this ever again. And that's a cheap thing to do, as you note. Drones can close the Strait and ne devastating to the economies of the Gulf states; and
4. The Gulf States just want to maintain the pre-war status quo. Saudi Arabia in particular just wanted to contain Iran. They're less vulnerable to the Strait being closed but it's still a problem politically as the US and Israel are bombing other Muslims. The Gulf states are learning the the US security guarantee ain't worth shit but they can't break away from being US client states with their own unpopular regimes probably collapsing without US arms. But in a prolonged conflict some of them may collapse anyway, particularly Bahrain and even Iraq.
So Iran just fires a dozen ballistic missiles a day to remind Israel of the war Israel started. An estimated ~50% of missiles get through missile defences now. Otherwise threats and the occasional drone are sufficient to close the Strait and massively disrupt the ME3 airlines. Militarily, Iran can probably keep that up forever. Mobile missile launchers are cheap and drones can be launched from basically any truck. They're also produced and stored in underground basis that are essentially impervious to bombing short of nuclear weapons.
Many believed prior to Trump's speech this week that he would either escalate or pull out. Instead he found a secret third, worse option, which is to tell Europe and Asia "you're on your own" (with the Strait closure) after the US launched a war nobody but Israel wanted or supported. That's an interesting strategy because it's going to cause some serious soul-searching in all of these countries about the wisdom of US allegiance.
Ukraine is doing its best to minimise Russian oil exports, and that's certainly having an effect.
But strategically, Russia is a huge beneficiary of this mess.
1. Russia (as you say): I think this war of choice virtually guarantees a settlement of the Ukraine war along the current borders. At some point Europe will need to ease their energy crisis with Russian oil and gas. Well done, everybody, the system works;
2. Europe: like the GCC they are finding US security guarantees and the NATO protection racket aren't what they were sold. Pax Americana was an illusion. I've elsewhere predicted this is going to lead to arms and tech nationalism within Europe. It's actually a race between fascism taking over Europe and Europe divorcing itself from the US and I suspect fascism is currently winning; and
3. China: the biggest wineer of all this. China is still receiving Iranian oil exports. In fact, the US "punished" Iran by lifting oil sanctions, allowing Iran to sell oil to China at market rates instead of below market (because of the sanctions). Again, well done, everybody; and
4. Asia: this has exposed their weakness of imported oil, particularly Thailand, Vietnam and the Phillipines. I would not be surprised if this war of choice is the turning point that leads to a China-cenetered Asian security compact.
In one year, the US has essentially torn up the entire post-1945 rules-based international order, which it designed for its own benefit.
I think this war is actually pushing many away from fascism. Trump was the reference for a lot of the European right and this is showing people he was terrible and, by extension, embarrassing them all.
Heck, Orbán is currently running an electoral campaign as "the candidate of peace".
One coulld argue that it happened earlier, for example after the collapse of the Soviet Union, or the collapse of the Warsaw Pact, or after the annexation of East Germany.
Who will trust US treaties going forward?
While it is unlikely to occur, imagine the international effect if the US resoundingly impeached and removed of a lawless president, and Congress formalized a lot of international agreements into statute rather than delegating too much to the executive branch.
It shouldn't. The responsible course going forward is a constitutional convention and the dissolution of the United States.
Part of the issue is there's no real opposition in the US to what's going on. The Democrats being the controlled opposition party aren't in opposition to the war (eg [2][3][4]). They just oppose the way it was initiated. In other words, they have a process objection not a policy objection.
I've seen lamenting over Harris losing the elction (as well as more than a few doing "stolen election") about how the world could be different. But US foreign policy is uniparty
[1]: https://en.wikipedia.org/wiki/Battle_of_the_Teutoburg_Forest
[2]: https://www.aljazeera.com/news/2024/10/8/kamala-harris-says-...
[3]: https://www.democrats.senate.gov/newsroom/press-releases/lea...
[4]: https://www.nbcnews.com/politics/congress/hakeem-jeffries-wo...
Saudi and the UAE don't want the pre-war status quo, they want America to bomb Iran back to the stone age so it can't continue missile or launcher production.