President Donald Trump’s showdown with Iran is reaching its endgame. The two sides have been exploring the possibility of a last-ditch deal that might avert military action by dismantling what remains of Iran’s nuclear program. If Tehran and Washington can’t come to terms, expect a US strike — perhaps aided by Israel — and a new round of military confrontation.

Yet if this drama dominates the headlines, it’s so consequential because of how the larger Middle Eastern landscape has been shifting beneath the key players’ feet.

© Bloomberg