What hasn’t gone wrong in the Middle East (so far)

News Snapshot:

The Israel-Hamas war is nowhere near settled, with fighting picking up again after a weeklong ceasefire to facilitate the exchange of hostages. The shooting could continue for weeks or months. But there are a few things that haven’t gone wrong since Hamas terrorists attacked Israel on Oct. 7, and financial markets are passively showing relief by discounting risks related to the war. One of the biggest worries after Oct. 7 was whether Iran, the Middle East’s most notorious troublemaker, would overtly or covertly escalate by attacking Israel, Israel’s allies, or anybody else. Any provocation linked with Iran would invite and...