Agreement contains no restrictions on Iran’s ballistic missiles, nor does it call for regime change or surrender

• Middle East crisis – live updates

The basic structure of the US-Iran deal reached late on Sunday – a return to the prewar status quo – has been on offer from Iran for more than a month. So has the specific architecture: an immediate unwinding of the consequences of the US-Israeli war through the reopening of the strait of Hormuz and a deferral of the actual negotiations on Iran’s nuclear programme, the ostensible cause of the war. The concept of a 60-day ceasefire to resolve these issues has also been a fixture for more than a month.

But it has taken the mounting pressure on the US and Iranian economies for both sides to recognise politically that a return to all-out war was unlikely to resolve the impasse, and if so, compromises would have to be struck.