Israel’s military success against Iran undermines one incentive for Saudi normalization and raises concerns about its growing power.

Asia’s dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran.

The ceasefire between Israel and Iran seems to be holding. Other countries in the region maintain ambiguous attitudes towards the 12-day war and would prefer stability to regime change, or even picking sides.