A potential US draft peace pact with Iran, reportedly pursued by Donald Trump, threatens Israeli Prime Minister Benjamin Netanyahu's long-held strategy for Middle East stability. Netanyahu's vision of normalization via Iran's downfall appears jeopardized.

For decades, Israeli Prime Minister Benjamin Netanyahu has preached a mantra of peace and stability in the Middle East through the destruction of Iran’s Islamic Republic. The obliteration of the ayatollahs, he prophesied, would lead to the normalisation of relations between Israel and the wider Arab-Islamic world – with Israel emerging as the Middle East’s dominant power and indispensable security provider. But on Saturday, Netanyahu’s dreams looked set to be dashed, after US President Donald...