A cycle of threat, detente and deadlock repeats itself wearisomely as the president’s war in Iran drags on

• US politics live – latest updates

As the story of the US-Iran war is written direct to social media, Donald Trump may be the genre’s premier unreliable narrator.

Since the war began, Trump has again and again threatened Iran with fearsome consequences if Tehran doesn’t come to the table and sign a peace deal that the US president said was imminent weeks ago. And he has also repeatedly claimed that an Iran deal is “close” – without any result. (A CNN tally put the number of times he’s claimed it at 38.)

Before the conflict began, inflation was at 2.4%, but the closure of the strait of Hormuz has affected energy prices

US inflation jumped to an annual rate of 4.2% in May, the third consecutive monthly increase since the start of the Iran war and a three-year high, as Americans continue to face steep oil prices.

Prices have increased sharply over the past several months, rising at an annual rate of 3.3% in March before going up to 3.8% in April. In February, before the conflict began, inflation was at 2.4%.

Explosions reported across Iran after Donald Trump vowed to ‘hit them hard again’, with Bahrain, Kuwait and Jordan targeted by Tehran

• Middle East crisis – live updates

The US launched a new round of airstrikes on Iran into Thursday morning after Donald Trump warned Tehran would “pay the price” for stalled negotiations, prompting Iran to respond with strikes targeting Bahrain, Kuwait and Jordan.

The new US assault across a range of Iranian cities came as efforts to negotiate an end to the war again appeared stuck, with Iran insisting it would maintain its chokehold on the strait of Hormuz. The American attack appeared more intense and wider than the day before, but Iran released no information about what was hit.

This blog has now closed – our coverage of this crisis in the Middle East continues here

If the US genuinely wants a deal it will have to engage with Iranian demands on sanctions relief, says Danny Citrinowicz, the former head of the Iran branch of Israeli military intelligence.

Today’s exchange of strikes shows how easily both Iran and the US can slide towards another round of escalation, says Citrinowicz, who is now a nonresident fellow at the Atlantic Council.

If Washington is unwilling to accept that reality, it should recognize the likely alternative: continued confrontations with Iran that could eventually spiral beyond anyone’s control and lead to military conflict under less favorable conditions.

Even a limited military campaign designed to weaken Iran would not fundamentally alter Tehran’s negotiating position. It has not happened in the past, and there is little reason to believe it would happen now. Iran emerges from the latest exchange of blows convinced that it can absorb pressure and respond to attacks.”

Legal and moral responsibility of all countries in the region (especially those located along the southern shores of the Persian Gulf) to prevent the US military and Israel from using their territory or facilities to plan, organise, execute, or support hostile actions against Iran.

Vice-president says deal could ‘absolutely’ come before midterms, as US strikes Iran after downing of helicopter

• Middle East crisis – live updates

The US-Israel war on Iran could conclude in a week or a few months, vice-president JD Vance has said, as the downing of a US army helicopter sparked the latest flare-up in the conflict.

In the latest vague assessment from the Trump administration on the future of its controversial war, Vance claimed the US is “very close to achieving” a peace deal with Iran, adding that it could “absolutely” come before the midterm elections.