Allegra Stratton: Relief Rally... and for Starmer Too?

This morning’s relief rally over a US-Iran ceasefire is already running into some roadblocks. Saudi Arabia’s key east-west oil pipeline was hit by a drone. Everyone is waiting to see how any talks emerge, and how many ships make it through the Strait of Hormuz - Bloomberg Economics’ take is that the two-week ceasefire offers only “temporary relief”.

The international world order has changed irrevocably, as this tour de force by our political editor Alex Wickham shows. It’s a pretty depressing read. President Donald Trump’s campaign has suffered a “strategic setback,” he says, “bolstering China and Russia while squandering American strengths.” There will be implications for the war in Ukraine, for the resilience of NATO, for Gulf states’ willingness to trust the US and so on.