The war on Iran could end with Tehran more confident, more hardline and with new resources to rebuild its nuclear programme, says Gideon Rachman for the Financial Times.

Israel goes from looking like the new regional hegemon to looking like it is under greater threat now than it has in years, while Iran now has room to rebuild its proxies.

The President says he 'doesn’t make bad deals' - but his Iran proposal could pave the way for a more combative regime