I think this going to go very badly for the US. Best scenario is that Trump realises or is told that it will be immensely expensive and unpopular and will perform a humiliating cease fire. I can see Trump not wanting to do that and instead the blockade of the strait will continue with disastrous effect on the world economy.

I could also see other regions(China, the EU) making deals with Iran and the US stuck with no good out.

We're not going to get the best case scenario. We're going to get close to the worst. For political reasons, Trump has to appear to win, and Iran has to appear to not let Trump win. This makes it impossible to find a halting condition, and so the war continues until one regime or the other falls. (The least dramatic way that could happen is for Congress to pass a War Powers resolution, which effectively ends Trump's ability to use the military for this. But that won't happen until at least after the midterms, if then. So we're stuck in this for a while because of the logic of both countries' internal politics.)