Latest proposal, derided by Tehran as a ‘wishlist’, could yet be a way out – but with 5,000 dead, it comes at an awful price

Middle East crisis – live updates

Another day, another hairpin turn in the world of Donald Trump’s foreign policy.

The weekend was all about war, and Trump insisting Iran had not yet “paid a big enough price”. Tuesday was Project Freedom, styled as a grand “humanitarian gesture” to allow trapped ships and their crews to escape the Gulf, but also aimed at weakening Iran’s chokehold on the strait of Hormuz.

By the early hours of Wednesday we were back to peace. The president announced: “Great Progress has been made toward a Complete and Final Agreement” so Project Freedom would be paused to give negotiations a chance.