my guess is iran will wait until the ceasefire expires to order houthis to close the Bab al-Mandeb strait if US still keeps its blockade until then.
Then saudi's probably will get involved against houthis. maybe we will see strikes against desalination plants.
Have to see what pakistans response is then. probably just help defend saudi skies.
if then U.S militarily gets involved again, iran will also. but i think trump will be reluctant at this point. In which case iran will just send some small attacks here and there against gulfies.
Israelis will potentially stop before ceasefire ends so that they dont have the risk of iran entering against them.
as the blockades go on trump will keep getting frustrated on the sidelines, and again will throw tantrums trying different ineffective things.
maybe after midterms he will enter war again once things get super desperate.
Options would be bomb kharg facilities, invade kharg from kuwait, build up of forces until then and go for khuzestan or threaten to use nukes. all have risks and backlash.
i cant see them accepting iranian terms unless we have massive oil crisis much worse than the 70's, crashing the stock market bubble and petro dollar but that depends on psycology of masses and countries.
The best of the bad options here would be, just allow iran to keep strait blocked, but also damage irans exporting capbilities. and just leave it going on like this for years at $150-200+ until they build new pipelines bypassing strait, increase oil production in canada, venezuela.
By then they will replace the losses and the massive wealth, will then go to north america instead of middle east, with higher prices and productin shift to there.
Of course Iran/China/Russia will work on ways to stop or mitigate this.