US-Iran Tensions Escalate, Oil Volatility, and Grain Route Disruptions

Try as we might to vary up the topics on these pages, there’s no getting away from Iran, where events over the weekend have landed it, once again, on the front pages. And, as ever, it’s difficult to keep up with the state of play. Despite declaring the 60-day ceasefire “over” on Wednesday, and launching waves of missile and drone strikes against Iranian military targets across last week, Trump changed his tune on Friday by saying the US had agreed to continue peace talks with Iran. Representatives of the two countries met in Oman on Saturday, and ahead of the talks Washington apparently pivoted away from demanding concessions on Iran’s nuclear programme to focus on the Strait of Hormuz instead. Indeed, US officials urged Tehran to make a public statement pledging to end attacks on shipping ahead of the talks. Trump suggested on Saturday that some progress was being made,…