New Delhi, June 19 -- It began spectacularly, the war waged by the US and Israel against Iran, with a dramatic 'decapitation strike' that left the Islamic Republic's supreme leader dead. Students of strategy said it recalled the Battle of Gaugamela (331 BCE), in which Alexander of Macedonia went straight for Darius III of Persia.

Except that the regime attacked on 28 February did not fall apart, but fought back, deployed economic warfare and held energy markets hostage with its clasp of Hormuz. From West Asia's haze of explosions and maze of threats has now emerged a peace process.

It takes the shape of a memorandum of understanding (MoU) signed this week by the US and Iran. The agreement aims to end hostilities and reopen the Strait of...