Bad news for US military readiness: Iran still has most of its missiles, and the US has burned through its own weapons stockpile fighting them.

• US intelligence shows Iran kept 70% of its missiles and still controls 30 of 33 missile sites along the Strait of Hormuz, despite Trump claiming Iran was "obliterated."
• Iran has regained access to 90% of its underground missile storage and launch sites, and most of its mobile launchers are still working.
• The US used up huge portions of its own weapons in the war: 80% of THAAD interceptors, more than half of Patriot interceptors, and a quarter of Tomahawk missiles.
• Replacing these weapons will take years because the US has outsourced manufacturing — Lockheed makes 650 Patriot interceptors a year, but the military fired over 1,300 during the Iran war alone.
• Iran builds cheap drones while the US shoots them down with expensive interceptors it cannot easily replace, leaving European allies worried they will not get the weapons they already paid for.
• The Senate again killed a War Powers Resolution that would force Trump to get congressional approval to continue the war, with Democrat John Fetterman casting the deciding vote.

Outlook: If Trump re-engages with Iran, the US will be fighting with a depleted arsenal it cannot quickly rebuild.