The US-Iran memorandum of understanding (MOU) has now been revealed, and it is clear why it took days before a US official read it out to reporters in advance of the signing ceremony. The deal commits the US to steps Trump vowed never to take, while for Iran there is much to celebrate despite the scale of destruction by US bombs. In a word, Iran retains the leverage it discovered it has always had—closure of the Strait of Hormuz—plus future economic benefits that will strengthen the regime.