What possible incentive could possibly exist?

What has he done?

-roughed up Iran enough to provoke them to close the Strait to traffic, except their own.

-declared a blockade of Iran's traffic.

-called a cease fire. The cease fire has lasted longer than the "war". He has resisted all calls to "finish the job", and ignores occasional flair ups of shooting, while declaring the cease fire still in force.

Conclusion, closing the strait was the objective. Once attained, he stopped the "war".

MBS is tickled because he can get oil to market, and enjoy the higher prices. Putin is tickled, because Trump suspended sanctions, so Putin can take full advantage of the elevated prices.

He might be tipping the Kuwaitis, Emirates, and Qataries to his market manipulating pronouncements, so they can make as much on crude futures, as they would make if they actually shipped crude or LNG. There has been a lot of suspicious activity in crude futures, but by who, is unknown to the public, so far.

As for the Proles in the Gulf states that are occasionally bombed, or the USian Proles who are paying higher prices, he doesn't care. He said it out loud, he doesn't care about the financial situation of USian Proles. He got what he wanted from the Proles a year and a half ago. The moment they gave him what he wanted, they became expendable. This is typical "JC" behavior.

Steve