What is the current situation between Iran and Israel, and what are the potential risks?

Iran has threatened to launch a third strike against Israel amid escalating tensions in the region, particularly in Gaza and Lebanon. This comes as part of ongoing military exchanges between the two nations, creating a highly volatile situation in West Asia. The Iranian IRGC's warning of an imminent attack has significantly raised regional stakes. The transcript emphasizes that 'any miscalculation could have devastating consequences' for the region. With multiple parties involved, including the US, careful navigation of this crisis is crucial as the ceasefire in Gaza remains precarious. The situation is further complicated by concerns about Iran's nuclear ambitions, which Israeli and American officials have highlighted as an urgent threat.