TEHRAN, Aug. 15 -- In gas stations from Texas to California, the price of a gallon of regular fuel crossed $4.08 on Saturday, 29 percent higher than a year ago and still rising. The waterway responsible for the difference is the Strait of Hormuz, and Iran made clear it has no plans to reopen it on anyone else's terms.

Iranian Foreign Minister Abbas Araghchi said Saturday that Tehran had "not yet made a decision to restart negotiations with the United States," rejecting mediation frameworks proposed through both Qatar and Pakistan as falling short of genuine negotiation. The statement arrived on the six-month mark of what the White House initially described as a decisive military campaign. The campaign has not been decisive.

"This strait...