The United States cannot back down on the Iran issue because losing control of the Strait of Hormuz means losing the petrodollar system and regional dominance.
If Iran were to switch to the yuan as a means of payment, it would pose a life-or-death threat to US economic hegemony.
Neither side has a real way out, as both have invested too much and are unwilling to compromise.
The US must continue to escalate the conflict, and Iran must continue to resist; this cycle will only drive up oil prices.
If the Houthis further escalate the conflict, blocking the Bab el-Mandeb Strait on top of the existing closure of the Strait of Hormuz, then two of the world's most important shipping lanes will be simultaneously blocked.
This would no longer be just an oil crisis, but a collapse of the global supply chain. Prices for all goods would rise, not just energy.
If the conflict with Iran escalates further, this war could trigger a genuine global economic recession, not just market volatility.