The story: Iran has reacted to US President Donald Trump’s move to “reinstate” his “maximum pressure” campaign by insisting that it will not yield the intended result. Still, both Tehran and Washington are displaying a willingness to reach a peaceful settlement over the myriad of contentions at hand—including the future of Iran’s nuclear program. This dynamic may pave the way for the first overt direct engagement between the two sides in years.

The memo: Trump signed a memorandum on Feb. 4 to “reinstate” the "maximum pressure" policy that marked his policy toward...