The only way I can see this conflict being settled peacefully is if the U.S. reaches out to Russia and China to broker a deal. We offer Russia an end to the Ukraine War, sanctions relief, return of their stolen funds, and re-entry into the global economy. We offer China removal of tariffs, a pledge to not interfere in their Belt & Road initiatives, and the lucrative opportunity to rebuild Iran. In exchange we demand an immediate end to hostilities, the signing of a fifty-year non-agression pact between Israel and Iran, the reopening of the Strait of Hormuz, and a pledge from the Iranian, Russian, and Chinese governments that Iran will cease its nuclear ambitions and relocate it nuclear material to secure facilities in Russia and/or China.
This would be painted as a big loss, but in the grand scheme of things these are relatively modest concessions that the U.S. could absorb much easier than Iran turning into another endless war; the growing probability of nuclear weapons being used; the outbreak of a literal WW3, or the end of the petrodollar. All of those scenarios are totally disastrous for the U.S., and they all become increasingly likely the longer this war goes on.
Trump is behaving as if this is 1991 and we're living in a unipolar world with America as the undisputed superpower. But clearly, the unipolar moment has passed, and we must engage with reality as it is, rather than cling to fantasy or idealization of the past. This delusion that American is so powerful that it can do whatever it wants without consequences would be dangerous at any time, but when paired with the sheer hubris, ignorance, and recklessness Trump displayed in choosing to start this war, it literally risks the ruin of the country.
Ironically, by clinging to the delusion of American preeminence rather than gracefully accepting a gradual decline in her power, Trump risks accelerating that decline into something more closely resembling a free fall. We desperately need to start engaging in classical diplomacy, particularly with our peer great powers Russia and China, rather than presuming we can dictate terms to them at will. We have an opportunity with this Iran War to make lemonade out of lemons, and forge not only a lasting peace in the Middle East, but to build the framework for a multipolar twenty-first century world where the U.S., Russia and China work together to maintain global peace and prosperity while respecting each other's natural spheres of influence.
If he could broker such a deal, Trump could take a small loss in the short term with Iran to gain a much greater and longer lasting victory, one which history would judge him very favorably for, and which would, more than anything else (and certainly more than what he's doing currently) maximize American power and prosperity over the decades to come. It would be the greatest deal of Trump's life, but unfortunately it seems like he's going to ignore the possibility and stubbornly maintain his currency trajectory, in the process ruining his legacy and doing great and perhaps irreparable harm to the country he claims to love.