For better or worse, governments tend to be defined by their handling of foreign crises. Weather one well, and you project an image of strong, principled leadership, much like the way Margaret Thatcher's government managed its dispute with Argentina over the Falkland Islands. Dither or delay, and you telegraph an air of provocative weakness. (Think Jimmy Carter and Iran.)

These days, American policy toward the Middle East tends to be dominated by two regional crises.

The first is the long-running showdown with Iran over its nuclear program. Despite mounting Western financial pressure, the Islamic republic shows no signs of changing course. To the contrary, Iran’s leaders have defiantly tightened their fiscal belts and redoubled their efforts to cross the nuclear Rubicon. Meanwhile, negotiations between Tehran and the West have concluded predictably, without any tangible progress on bringing the Iranian regime’s nuclear ambitions to heel.

North Korea's successful use last week of a long-range rocket to launch a satellite into orbit has catapulted the Asian rogue state back into the international spotlight. It also has brought back the global danger posed by the Democratic People's Republic of Korea into sharp focus.

There's a tried-and-true rule in politics that, when there's trouble at home, it's time to look abroad. The Iranian regime is proving to be no exception to this axiom; as its economic fortunes have dimmed as a result of widening Western sanctions, the Iranian regime has ramped up its interference throughout the Middle East.

The security of many countries is being endangered by the United Arab Emirates, a confederation of seven small states located in the Arabian Peninsula. Usually considered a Western ally, this false friend also serves as a regional financial hub for mob figures, arms dealers, drug traffickers, jihadis, and rogue regimes. The White House and the Financial Action Task Force—set up by the G7 to combat money laundering and terrorism financing—have so far failed to take action to stop this emerging threat.

When it comes to American policy toward the Islamic Republic of Iran, one approach has tended to crowd out all others. Over time, economic sanctions have come to be seen as something of a catch-all—a panacea of sorts for the West's nagging problem with the Iranian regime and its persistent nuclear ambitions. As a result, policymakers in Washington, as well as their counterparts across the Atlantic, have invested tremendous time and energy in crafting an elaborate framework of economic pressure against the Iranian regime.

Recent revelations from the International Atomic Energy Agency that Iran has both continued and expanded its uranium enrichment activities have focused attention anew on U.S. policy toward the Islamic Republic — and what more can be done to stop Iran’s march toward the bomb.

For the moment, let's set aside the friction in U.S.-Israeli relations over Iran's nuclear program, which serves neither Washington nor Jerusalem.

Will Israel, in fact, attack Iran? That question, a perennial one in the debate over Iran's nuclear program, has gained far greater urgency of late, as it is becoming increasingly clear that Western sanctions have failed to alter the Islamic Republic's strategic trajectory.

Deepening economic malaise at home...; ...and an energy lifeline in Asia