Who truly won the 12-day war? Iran, Israel, or the US?

A fragile ceasefire now holds between Israel and Iran, easing fears of a wider regional war after days of intense strikes and escalating rhetoric. Both sides have declared victory, yet the reality on the ground tells a more complex story—one of strategic setbacks, depleted arsenals, and unresolved tensions. Beneath public declarations of strength lies a mutual recognition of vulnerability that neither side is eager to admit. The ceasefire offers a narrow window to reassess, rebuild, and prepare, but the risk of renewed conflict remains high. Behind the calm lies a volatile balance, shaped by air superiority, missile stockpiles, and nuclear ambiguity. What comes next will depend not only on military readiness, but on political will and the choices made in the days ahead.