In the wake of Hamas’ 7 October terrorist attack on Israeli civilians and the Israeli government’s declaration of retaliatory war in Hamas-controlled Gaza, the Middle East is on the verge of a disaster. Already, the situation is affecting key interests of the United States, Israel’s principal backer, in the region and elsewhere.

The fallout also includes potential spillover effects on US equities in Europe, where the war between Russia and Ukraine—and indirectly against the US and NATO—rages to catastrophic effect.

There is still time to salvage something from the situation, but the room for maneuver is shrinking by the day.

The Hamas terror attack and the war in Gaza understandably evoke strong, visceral emotions. In America, these emotions are having an impact on Washington’s policy debates, as they did in generating post-9/11 policies in the Middle East and Afghanistan, and subsequently, in the fight against the barbarity of the so-called “caliphate” of ISIS.