The prospect of renewed military strikes against Iran by the United States and Israel should alarm the world. After months of devastating conflict, threats of retaliation and mounting economic disruption, another escalation would serve no one’s long-term interests. It would deepen an already dangerous regional crisis and risk inflicting further damage on a global economy that can ill afford another major shock.

Iran’s warning that any fresh attack could trigger an “apocalyptic war” underlines the gravity of the moment. Washington’s........

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