Is Iran winning the war?

The News Agents

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Thursday, 19 March 2026 - 43 minutes

Looking and sounding rather like a frat boy emerging from a hazing, Pete Hegseth arrived blinking, bombastic and victorious into his press conference this morning to declare complete success in his Epic Fury military campaign in Iran.

He was quick to castigate America's ungrateful allies - telling the world that they should be thanking President Trump - and cracked a few jokes about Iranian ships being at the bottom of the ocean.

Outside the Pentagon's echo chamber, the world looks rather different. Iran's regime holds many of the cards in this conflict. And it’s making Trump sweat. Control of the shipping lanes gives Iran control of the price of oil and thus much of the world economy. And they’re acting like an army of insurgents - pounding energy infrastructure across the Middle East, sending gas prices rocketing. So how does America find a way out? Or is Trump's only play now to go all in and send in the troops?

Later - anyone remember the 70s? Ted Heath's dire warning to the nation that life would no longer be as we know it has some uncomfortable parallels for the current occupant of No 10. Should we prepare for everything we’ve taken for granted to change? And should Keir Starmer be rethinking his entire premiership as a result of this war?

The News Agents is brought to you by HSBC UK - https://www.hsbc.co.uk/

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