Iran is reportedly digging in for a drawn-out conflict with the US, betting it can outlast Trump — bad news for anyone hoping for a quick end to the war.

• Iranian leaders reportedly won't negotiate a real peace deal because they don't trust Trump to keep his word.
• A recent deal soured things: Iran exported oil as promised but never got the $12 billion in frozen assets it was owed.
• Iran plans to wait Trump out, using occasional small attacks to raise the cost while it rides out the economic pain.
• Any pause in fighting, they fear, just lets the US and Israel rearm and strike again.

Money angle: as long as the stock market stays at record highs, Trump feels little pressure to end the war — a market crash is what would force his hand.

Outlook: with neither side trusting the other, the conflict looks set to drag on well past the next two years.