In this timely short note, we examine the aftermath of Iran's retaliatory strike against Israel, shifting global and regional focus from Gaza to intensified tensions between Iran and Israel, and the different scenarios that could occur and lead to a broader expansion of the conflict. The note underscores potential disruptions to global supply chains and energy markets, particularly if escalation affects strategic locations like the Strait of Hormuz, with broader implications for U.S. foreign military aid and global economic stability.