Unlike Libya, where the effects are primarily internal, the events in Bahrain clearly involve Saudi, Iranian and U.S. interests. Bahrain is also the point where the Iranians have their best chance, since it is both the most heavily Shiite nation and one where the Shiites have the most grievances. But the Iranians have other targets, which might be defined as any area adjoining Saudi Arabia with a substantial Shiite population and with American bases. This would include Oman, which the United States uses as a support facility; Qatar, headquarters of U.S. Central Command and home to Al Udeid Air Base; and Kuwait, the key logistical hub for Iraqi operations and with major army support, storage and port facilities. All three have experienced or are experiencing demonstrations. Logically, these are Iran’s first targets.

The largest target of all is, of course, Saudi Arabia. That is the heart of the Arabian Peninsula, and its destabilization would change the regional balance of power and the way the world works. Iran has never made a secret of its animosity toward Saudi Arabia, nor vice versa. Saudi Arabia could now be in a vise. There is massive instability in Yemen with potential to spill over into Saudi Arabia’s southern Ismaili-concentrated areas. The situation in Iraq is moving in the Iranians’ favor. Successful regime changes in even one or two of the countries on the littoral of the Persian Gulf could generate massive internal fears regardless of what the Saudi Shia did and could lead to dissension in the royal family. It is not surprising, therefore, that the Saudis are moving aggressively against any sign of unrest among the Shia, arresting dozens who have indicated dissent. The Saudis clearly are uneasy in the extreme…

The problem created by the U.S. leaving Iraq without having been able to install a strong, pro-American government remains the core issue. The instability in the Persian Gulf allows the Iranians a low-risk, high-reward parallel strategy that, if it works, could unhinge the balance of power in the entire region. The threat of an uprising in Iran appears minimal, with the Iranian government having no real difficulty crushing resistance. The resistance on the western shore of the Persian Gulf may be crushed or dissolved as well, in which case Iran would still retain its advantageous position in Iraq. But if the perfect storm presents itself, with Iran increasing its influence in Iraq and massive destabilization on the Arabian Peninsula, then the United States will face some extraordinarily difficult and dangerous choices, beginning with the question of how to resist Iran while keeping the price of oil manageable.