So far, the market’s relief, or lack of major sell-off in Asia, hinges on what hasn’t happened. Iran’s military hasn’t flexed the way many feared. The Strait remains navigable. And most importantly, ...

The missile and air war that Israel and Iran have spent decades planning for has come, and it is spectacular and terrifying.

It’s too soon to tell how exactly the current wave of Israeli strikes could transform the region, but one thing is clear: ...