It’s been a week where, 90 days into the conflict and ceasefire stand-off with Iran, both Tehran and Washington are insisting time is on their side — each claiming the other needs a deal more urgently.

Pressure is growing on the Trump administration with soaring energy prices and midterm elections approaching, while Iran is reportedly losing huge oil revenues with tankers backed up in port. Reports suggested a temporary agreement to reopen the Strait of Hormuz was close, before the US struck Iran’s southern coast, calling it self-defence against mine-laying boats and drone launch sites. Tehran threatened retaliation, US bases in Kuwait were targeted within hours, and talks over a wider deal continue tonight.