Balance of Power

Have All Sides in the Iran War Just Blinked?

Israel’s attack on a key Iranian gas field may have jolted all sides into dialing back the war’s destructive potential.

Crowds at a joint funeral for Ali Larijani, secretary of Iran’s Supreme National Security Council, and others in Tehran on Wednesday.Atta Kenare/AFP/Getty Images

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By Golnar Motevalli

March 20, 2026 at 10:59 AM UTC

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Faced with the joint US-Israeli assult, Iran’s strategy has been to retaliate against Washington’s allies in the Persian Gulf. It’s attacked energy infrastructure, wreaking havoc with oil markets, and halted shipments through the Strait of Hormuz, sending shocks through the global economy.