Russia and Syria have put the US in a tough spot by offering to place chemical weapons stockpiles under international control. Poll also increasingly show the US public is against an attack.

A State Department spokeswoman says the US will take a ‘hard look’ at the Russian proposal but ‘we have some serious skepticism’.

For me, the Russian proposal would have given them a chance to gracefully back down but they might be digging in their heels. Markets will be watching closely.