IRAN and Israel backed away from the precipice last week, avoiding a full-blown military confrontation that could have ignited a dangerous regional war. Such a war, in turn, could have threatened the interests of the United States, Europe and the Gulf nations, increased energy prices, and devastated the global economy.

On Friday (Apr 19), Israel launched a limited military strike against Iran, in retaliation for Iran’s broader missile and drone assault earlier in the week. Iran’s own attack amounted to a retaliation for an earlier Israeli strike in Damascus that killed eight Iranian officers.

Israel’s strike on Friday, near the city of Isfahan, caused no serious damage.