The Iran-US agreement undoubtedly reflects Donald Trump's partial defeat in the latest war. Unblocking the Strait of Hormuz seems to be his main goal, while all other aspects of the agreements are postponed until the next stage and, quite possibly, will not be achieved. At the same time, US concessions do not seem very significant, and further steps - lifting sanctions and unfreezing Iranian assets - are conditioned by the progress of future negotiations.

The agreement between Iran and the US undoubtedly reflects a partial defeat for Donald Trump in the latest conflict. The reopening of the Strait of Hormuz appears to have been his principal objective, while all other aspects of the arrangement have been deferred to a subsequent phase and may ultimately never be realised.