Trump now says the U.S. will not attack Iran before the November midterms, which calms war fears but leaves oil prices high and stocks shaky.

• The Pentagon told Central Command to finish plans for renewed strikes on Iran, but no date was set and Trump has since said no attack is coming before the election.
• The threat looks like negotiating pressure: hitting Iran and pushing gas prices up before the vote would be a disaster for Republicans.
• Iran wants the naval blockade lifted first and refuses to give up uranium enrichment; the U.S. insists the nuclear issue comes first.
• Sanctions, a blockade and air travel bans have left Iran's economy squeezed, so Washington now holds the stronger hand and is in no hurry to deal.
• Oil is back near $105 Brent, partly because China ran its fuel stocks down and froze export licenses, forcing it to buy heavily on world markets.

Outlook: Iran is expected to answer the U.S. proposal within days, with a deal plausible before the Fed meeting late this month, though rising oil keeps stocks volatile.