For decades, politics, security and economics in the Middle East has been inextricably linked to the USA. Today, however, Washington increasingly views the Middle East as a fly-over region – one that is largely absent from US policy. The space where America is now absent has been occupied by both China and Russia: the former having successfully negotiated a new era of diplomatic relations between Iran and Saudi Arabia (not an unsubstantial achievement). Peter talks to Mike Stephens about what we might have missed in the Gulf, and why – despite inherent instabilities – there is cause for hope.