It must be tough for Donald Trump: starting a war with Iran, but finding it terribly inconvenient to finish it before collecting a shiny prize from Benjamin Netanyahu or sharing a stage with China’s Xi Jinping. In war, as in peace, timing is everything. With the global economy teetering on fears of an uncontrolled escalation in attacks on electricity, oil and gas installations in the Gulf, Mr Trump revealed that he was having such “productive” conversations with Tehran that there would be a five-day pause in US strikes on “Iranian power plants and energy infrastructure”. The trouble is that Mr Trump’s talks may not exist. Tehran denies having them.

If real, they would be a welcome de-escalatory step. They are also an admission that Mr Trump’s threat risked consequences more damaging than its intended target. But it also means that after markets close on Friday, Mr Trump could return to “bombing our little hearts out”. It is as unsurprising as it is grotesque........

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