No. of Recommendations: 12
That's why it's not kabuki theater. This wasn't planned, and he's not doing it intentionally. He wants a win and can't get one. He doesn't have to admit a loss until the war is over. So he's keeping things unresolved and keeps negotiations going.
Everything you wrote was spot on, up to this point.
I think Trump is desperate to get a deal. The only thing he wants out of it is to open Hormuz. Nothing else matters. He's even willing to give Iran $300 billion to make it happen. The Iranians see this "open Hormuz for $300B" transactional offer, and they know they have Trump by the balls. So why should they rush at this point? They know that every day with Hormuz closed increases their leverage, and they're going to play it for all it's worth.
