This week, Mark Leonard is joined by Ellie Geranmayeh, deputy director of ECFR’s Middle East and North Africa programme, to unpack a volatile new chapter in the confrontation between the United States and Iran. After months of managed escalation, military strikes have resumed and President Donald Trump has launched an ambitious new sanctions package, dubbed an economic “D-Day”, aimed at squeezing Tehran into submission.

Ellie argues that Washington has returned to a familiar strategy of maximum pressure, betting that unprecedented economic isolation and a blockade of Iranian exports will either force the regime to make major concessions or trigger domestic unrest. But Tehran appears determined to hold out, relying on sanctions-evasion networks, regional diplomacy and the belief that the US will struggle to sustain its campaign over the long term. As both sides continue limited military operations while keeping channels for negotiation open, the prospect of a comprehensive deal remains elusive.

The conversation also explores the domestic pressures facing Iran’s leadership, from a shrinking economy and growing public dissatisfaction to the threat of renewed nationwide protests. Mark and Ellie examine whether economic hardship could destabilise the regime, why Iranian leaders remain sceptical of American commitments and how internal politics in both Washington and Tehran are shaping the path ahead.

Finally, they discuss the wider regional and European implications of the conflict. How are Gulf states positioning themselves between the US and Iran? What risks does the confrontation pose to global shipping through the Strait of Hormuz? And can European governments still play a meaningful diplomatic role as tensions rise and fears grow that the Iran conflict could become increasingly entangled with the war in Ukraine?

This podcast episode was recorded on September 3rd 2026.

Bookshelf

Hillbilly Elegy, by J.D. Vance.

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In the latest episode of ECFR’s WOMENP podcast, Ellie Geranmayeh is joined by three leading Lebanese voices— Alia Moubayed, senior economist; Randa Slim, Middle East Programme director at the Stimson Center; and Maha Yahya, director of the Carnegie Middle East Center in Beirut—to unpack the consequences of the trilateral framework deal signed by Israel, the US and Lebanon.

Lebanon is among the countries most impacted by the US and Israel’s war against Iran. Following the death of Iran’s Supreme Leader, Hezbollah resumed direct attacks against Israel in March, plunging the country back into conflict. Around 4,000 people in Lebanon have since been killed and over a million displaced, with Israeli ground forces now occupying parts of south Lebanon.

In June, Israel, the US and Lebanon signed a historic—and controversial—trilateral framework deal, with the parties meeting again in July to discuss the implementation phase, including the withdrawal of Israeli forces from occupied parts of Lebanon. But with a ceasefire between the US and Iran unravelling, the durability of the Lebanon deal is unclear. Together, Ellie, Alia, Maha and Randa discuss whether the deal can bring lasting peace to Lebanon and how international players can support efforts to stabilise the country.

Listen to all past episodes of ECFR’s WOMENP series.

This podcast was recorded on July 16th, 2026.

Bookshelf:

The Best Kind of American: A True Story of Murder, War, and America’s Undoing in the Middle East by Kim Ghattas

Beirut Blues by Hanan Al-Shaykh

A House of Many Mansions: The History of Lebanon Reconsidered by Kamal Salibi

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