The US sought to downplay the Iran war’s economic impact and recent flare-ups in the Strait of Hormuz.

The Pentagon on Tuesday insisted Washington’s ceasefire with Tehran was holding after the countries clashed in the waterway; US President Donald Trump characterized the attacks as a “skirmish.”

Trump also sought to minimize the conflict’s impact on Americans’ wallets as energy prices rise: The president cheered tax cuts and “record business,” creating “a sharp contrast with the economic reality outside Washington,” The New York Times wrote.

And Trump may not be eager to return to war, but the US and Iran are “one step away from renewed all-out escalation,” Haaretz’s defense analyst argued.