(CNN)Yet another war in the Middle East could bring devastation and tremendous international repercussions. So many people around the globe breathed a sign of relief Thursday as word broke that Hezbollah said it does not want to further escalate hostilities against Israel. Still, after a high-profile missile strike by Israel, days of missile attacks by the Lebanese militant group, and exchanges of fire, tensions are high. The possibility remains that a full-scale military confrontation could erupt -- as it did in 2006 While regional politics are at play, numerous other major factors are as well -- including oil prices, ISIS, Iran's nuclear dispute with the West and the threat of Hezbollah terrorist attacks around the world.
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Israel and Hezbollah have stepped up fighting in recent days
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Neither side wants a full-scale war, analysts believe
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Iran, oil, ISIS and more all play into the scenario
Hezbollah
Hezbollah
Hezbollah
If Israel and Hezbollah's skirmish descends into war and Hezbollah rocket fire, then the Israelis might figure in for a penny, in for a pound" -- in other words, fighting back against @placeholder might mean going after Iran's nuclear sites.
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ISIS
The Israel-Hezbollah dynamic also has implications for the fight against the @placeholder terror network.
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Iran
The drop in oil prices is hurting @placeholder, Hezbollah's sponsor.
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Hezbollah
Hezbollah
The drop in oil prices is hurting Iran, @placeholder's sponsor.
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Hezbollah
Hezbollah
"The Iranians spent a lot of money helping @placeholder repair Lebanon in the wake of the 2006 war.