Iran and the US are ramping up their confrontation as talks about talks continue.

French President Emmanuel Macron is pushing for a mechanism whereby Iran would be offered a significant credit line – Iran is angling for $15bn – to be secured against future oil deliveries. In return Iran would accept further limits on its nuclear program and (in theory) its regional activities. Crucially, both US President Donald Trump and his Iranian counterpart Hassan Rohani have indicated that...