I think this will go on for weeks and months if not longer. Trump has lost control of the war and despite all the destruction in Iran, the regime is now in the driving seat.
The US knows roughly how much enriched uranium Iran has but not where it is, so that’s a big problem. Khamenei had issued two fatwahs in the past stating that having a nuclear weapon was not compatible with their religious beliefs, so it’s a moot point as to whether Iran would ever have developed a bomb. Iran achieved its goal with the threat alone, which was enough to get the West’s attention. Now however, with a new leader all bets are off. They apparently have enough uranium for between 11 and 16 Hiroshima type weapons, although not the long range delivery systems. That doesn’t really matter because they just have to set off one or two underground to prove the point. Trump could likely have got a deal had he continued negotiating instead of going to war. Contrary to their ambitions the US and Israel have not wiped out all Iran’s drones and rockets, and they can make more. They don’t have to import them.
They have a couple of thousand sea mines and a fleet of fishing boats and midget submarines that can lay them. They have already attacked the neighbouring countries aiming to get them to pressure the Americans to abandon their bases, which may happen as it’s now clear the bases are putting them at risk rather than being a deterrent.
The US and Israel are also at risk of running short of expensive missiles themselves pretty soon too. In the meantime Russia has stepped in to help the Iranians giving Putin a bargaining chip to use on Trump - “We’ll stop helping Iran if you stop helping Ukraine”.
Iran has successfully bottled up the Strait with severe consequences for world energy supplies and other products such as fertiliser. The US and Israeli attacks on infrastructure and historically important sites is turning the population against the US and Trump in particular. Trump and Hegseth have got most of the US population offside as well.
Trump has no off-ramp here and it’s his nature to just make a bad situation worse by never wanting to be seen to be a loser, but he’s already lost this war. All that remains is to go through the process of losing.