Dhaka, July 18 -- The 12-day war between Iran, Israel, and the United States has ended-at least for now. But beneath the uneasy calm lies a tantalizing prospect: the possibility of a reshaped Middle East. A restrained Israel. A defanged Iran. A ceasefire in Gaza. Even-if one dares to dream-a return to serious talks on Palestinian statehood.

A Pause, Not a Peace

The war may be over, but the rhetoric isn't. In Tehran, Ayatollah Khamenei emerged from his bunker to declare victory, claiming Iran had landed a "slap on both cheeks" of the "Great Satan" and "Little Satan"-his names for the U.S. and Israel since 1979. Crowds chanted "Marg bar Amrika" and "Marg bar Israel"-"Death to America" and "Death to Israel." But the craters in Tehran and t...