It was expected that Iran would respond to the bombing of its consulate in Syria on April 1 in an Israeli strike. The retaliation came last Saturday when Iran launched a direct attack on Israel. Israel claims to have intercepted 99% of the 300-odd drones and missiles fired by Iran, but a few of the missiles did sneak through its defences and hit sensitive military targets on Israeli territory. Iran has said that it would take no further action unless Israel chooses to escalate. Israel has vowed to “exact the price from Iran” when the time is right. What are the strategic implications of Iran’s unprecedented direct strikes on Israel? How serious are the risks of a wider regional war, and where does this leave the ongoing negotiations for a ceasefire in Gaza?