Here is my general analysis about the conflict:
1. What is the conflict about?
I would say primarily it’s about oil. If oil and gas were not important then there would be no such issues in the Middle East. I think most of the secondary issues, like 1953 coup, 1979 revolution, Iran-Iraq war, Israel, stem from the oil issue.
2. What leverage does each side hold?
US has strongest military, both conventional and unconventional. US has Iran surrounded with military bases. US economy and technology, and US sanctions against Iran has been significant. US has influence on other nations and the UN. US has powerful covert capabilities.
Iran has significant unconventional military, like missiles, chemical and biological weapons, and possibly some nuclear weapons, and ICBM technology is not far off. Iran has indigenous military and significant self sufficiency. Iran has large area and difficult terrain. Iran is capable of stopping oil flow from Persian Gulf with anti-ship missiles and mines. Iran is capable of harming oil production in the region. Iran has Hezbollah in Lebanon. Iran will be major energy supplier to China and possibly India and Pakistan. Iran has influence in Iraq.
3. Where is the conflict heading?
My guess is the conflict will continue because these countries have conflicting interests. However, it is unlikely it will escalate into all out war, like in Iraq, unless China and maybe Russia consent, which is very unlikely. I think the conflict will be mainly covert and political.