This essay purports to look at the anatomy of the almost-crisis in the Persian Gulf in the summer of 2019. It aims at identifying the role played by domestic and external factors behind the policies espoused by the two principal actors in the drama – USA and Iran. It assesses the strategic dynamics of the Persian Gulf region at present and situates US decision to pull out of the deal in 2018 which triggered the crisis. The essay then goes on to situate the brinkmanship on either side, factoring in domestic and foreign policy considerations of the principal players. The essay veers towards policy alternatives present before the principal players and their attendant problems within the matrices of the structural dynamics of the region as well as those of domestic policy.