Drezner says the sanctions are working:

Hey, it turns out that the sanctions against Iran really are crippling — so much so that even Mahmoud Admadinejad is admitting it and Benjamin Netanyahu now has sanctions fever. Based on my own sanctions model, I’d predict that the sanctions are now becoming so costly that Iran will in fact be willing to compromise on its nuclear program — but any concessions will seem tiny compared to how devastating the sanctions have been.

Drum notes the lack of bombs:

Regardless of what you think about Iran’s nuclear program (and the sanctions regime itself), there’s a lesson here: foreign policy isn’t always — or even often — about who can bluster the hardest. Nor is it about “red lines” and toughness. It’s messy. No one just sails from success to success. But Obama has pursued a sensible and persistent course against Iran’s nuclear program: first getting the world on his side by demonstrating a genuine willingness to engage with Iran’s leaders; pushing relentlessly for sanctions when that didn’t work; declining to back down when Iran tried to split the coalition he’d built; consistently turning down policy options that might have turned Iran’s people against him; and keeping military threats visible but always in the background.

Michael Hirsh thinks Iran’s bad week demolishes one of Romney’s biggest talking points:

Romney sought to pile on [Obama’s supposed foreign policy missteps] with an op-ed in The Wall Street Journal on Monday in which he wrote that Obama lacked “resolve” and, as a result, “our country seems to be at the mercy of events rather than shaping them.” He is also expected to deliver what was billed as a major foreign-policy address making many of the same points.