Escalate to Deescalate

By now it is clear that Iran has counter-escalated with a broad attack on US bases in the Gulf littoral. How did we get here from ‘a deal is at hand’ just days ago? And where is this headed? Here is what I think about the logic of the situation.

U.S. Central Command released footage of a missile strike on the Lexi, an oil tanker allegedly attempting to breach the U.S. blockade. U.S. Central Command/Reuters/WSJ