In March 2022, Saudi Arabia and Iran announced a shocking diplomatic agreement. Even more surprising was the revelation of Chinese brokering. Reflective of a quickly transforming Middle Eastern theatre, the agreement is indicative of several regional and international shifts. Whilst not a complete revision of the region’s fundamental power balance or imbalance, the announcement highlighted the increasingly multipolar outlook of Gulf leaders and a general trend to declining US regional influence. Despite not ensuring anything close to lasting peace between the two rivals, any cooling of relations will change the playing field dramatically.