With the signing of a memorandum of understanding between the US and Iran, an interim deal has been agreed. In what will be a two-step peace process the first phase freezes the war by extending the ceasefire for another 60 days. It commits Iran to open the Strait of Hormuz and the US to end its blockade. That process is already underway. But the hard part lies ahead as the second phase has to address the nuclear file and other thorny issues. If reaching a preliminary agreement proved so difficult, negotiating a comprehensive settlement will be tougher, especially with Israel’s malign presence looming in the background.

After four months of war, both sides wanted an exit ramp from the fighting. President Donald Trump seemed to want it more. Domestic political and economic pressure mounted on him, especially the fear that higher oil prices and inflation would hit American consumers and damage the US economy. This, as mid-term Congressional elections loomed with an unpopular war and the Republican party increasingly divided.

Moreover, continuing the conflict did not seem to bring Trump closer to any of his ever-changing objectives. If regime change was a core objective, the war failed to achieve that. More bombs would not have secured that outcome or his other stated aims. Around 40 times in 90 days Trump claimed “a deal is imminent”. This reflected his desperation for one as well as the constant effort to calm markets and drive down oil prices. The economic consequences of the Strait of Hormuz’s prolonged closure had begun to weigh heavily on Washington.

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