JERUSALEM - The Obama administration is exploring whether a long-abandoned initiative proposed by Saudi Arabia 11 years ago could become the basis for a regional peace agreement between Israel and its neighbors, according to Israeli and Palestinian officials. With U.S. Secretary of State John Kerry due to arrive in the region over the weekend, Palestinian President Mahmoud Abbas has been conferring with other Arab leaders on the viability of the plan, which calls for a normalization of relations between Israel and all the Arab states in exchange for the establishment of a sovereign Palestinian state. Israeli and Palestinian officials confirmed...