There are uncanny similarities between the Hamas operation Toofan Al-Aqsa (Al-Aqsa Flood) and the launch of the 19-day Yom Kippur War 50 years ago. Although the latter was inconclusive, it led to a regional tectonic shift with Israel accepting a ‘land for peace’ formula at the Camp David Accords six years later. From a military perspective, despite the fighting on its territory, Israel is not under an existential threat. The outcome is also not in doubt: Israel is expected to prevail and push back Hamas, which lacks resources to sustain the campaign. A massive ground incursion into Gaza could follow to exact vengeance, restore morale, re-impose the strategic asymmetry, and try to rescue captured soldiers and civilians. This conflict could potentially revive the ‘military option’ and boost the standing of non-state Arab militias such as Hamas, Islamic Jihad, Hezbollah, al-Houthis, Islamic State, various avatars of al-Qaeda, and Al-Shabaab. The conflict would remain geographically confined as Hamas and Islamic Jihad have few all-weather friends. The Palestinian Authority, vertically split between the West Bank and Gaza, is losing credibility with the masses. The granular picture regionally does not support Hamas, with Egypt trying to de-escalate the current situation. The Gulf monarchies, except Qatar, strongly disapprove of Hamas. Iran has long been a mentor of Hamas and Islamic Jihad and could support the Gazans. A long war between Hamas and Israel seems less likely, unless Hamas overplays its hand in negotiating the release of Israeli hostages. The current Israel government may take a harder line. The crisis could delay the rapprochement between Saudi Arabia and Israel. Other Abraham Accords signatories would hope that their wager on economic gains would stand. The ongoing conflict could cause collateral damage through an oil price rise, impact the diaspora, and dim prospects for India-Middle East-Europe Economic Corridor and other constructs. India remains largely insulated from the turmoil.