Can Iran win an economic war of attrition against Israel?

As the world holds its breath in the face of escalating violence in the Middle East, this conflict could come down to which country is best positioned to deal with sanctions, writes Mark Almond

The focus on so-called ‘kinetic’ warfare is distracting us from the economic war that preceded the missile strikes between Iran and Israel (EPA)

At first sight, a war of words has replaced the buzz of missiles and drones between Iran and Israel. Spin doctors on both sides have deflated their immediate mutual threats.

But it is too soon to breathe a sigh of relief.

Peace is not breaking out in the Middle East, and not only because of intense violence in Gaza.