The overwhelming likelihood is still that Iran and Hezbollah will attack Israel, maybe even as these words go to print. But if they do not, and even if they do, and a hostage deal eventually comes about, they will now be able to take credit instead of the Saudis for ending the regional hostilities. For several months, the Biden administration had been offering a grand bargain: Israel pauses its war with Hamas for an indefinite period in exchange for a return of the hostages and, eventually also, normalization with the Saudis. This grand bargain might have seen Israel another half...