The U.S.-Israel joint operation in Iran is in its early phases. It has already eclipsed U.S. operations in the Caribbean as the most significant military action of the second Trump administration. President Trump has indicated that the military action may continue for several weeks. Iran's response, launching attacks against both Israel and countries hosting U.S. forces, or perceived as supporting the campaign, has created a serious risk of escalation. The fallout could reach international commerce and the broader global financial system...