From January’s protests in Iran to coordinated US–Israel strikes and widening retaliation, this episode maps how internal unrest morphed into a geopolitical flashpoint. Host Anirban Chowdhury and ET’s Executive Editor (Politics) Pranab Dhal Samanta break down the escalation ladder: is this about regime change, deterrence, or domestic politics in Washington? Can Iran’s clerical system withstand external pressure without fracturing internally? We examine oil volatility, Hormuz risks, Gulf street sentiment, and the proxy chessboard. We also assess China and Russia’s limited but strategic positioning. Finally, where does India stand — balancing energy security, diaspora protection, and strategic restraint in an increasingly combustible region?

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US–Israel vs Iran: The War That Could Ignite the Middle East