The Joint Comprehensive Plan of Action—better known as the Iran nuclear deal—was officially adopted Sunday, Oct. 18. That’s nine days ago. It’s already a dead letter.

Not that you would have noticed by reading the news or tuning in to State Department or White House briefings. It’s too embarrassing to an administration that has invested all of its diplomatic capital in the deal. Also, too inconvenient to the commodity investors, second-tier banks, European multinationals and everyone else who wants a piece of the Iranian...