After the 7th of October attack by Hamas and the following Israeli invasion ofGaza, the Middle East regional security complex has been subject to severe regional securityinterdependence. The war in Gaza is slowly turning into a regional war where Israel and Iran arecompeting over enforcing their mutually exclusive visions of the Middle East. Iran has initiallyrelied on its proxies in this conflict but is gradually getting directly involved. Tehran and TelAviv have been exchanging direct attacks which increases the risk of an all-out regional war. Thegoal of this research is to study the security structure of the Middle East in the context of the warin Gaza and the wider Iran versus Israel rivalry to see which actor is more likely to come out ontop. Additionally, some possible security consequences of this regional struggle will beidentified. To address the research question, the regional security complex theory by Buzan andWæver (2003) will be used as the theoretical framework in a qualitative case study. The studyconcludes that the Israeli project is likely to succeed while Iran and its proxies are likely to fail inthe long run because they are viewed as the bigger regional threat to regional actors. Possiblesecurity consequences include increased terrorist activities and a possible refugeecrisis which can impact the European regional security complex.