Israel will very likely receive some massive attacks over the next few days, possibly lasting for weeks. Iran may directly attack, not just their normal pattern of attacking Israel and U.S. personnel overseas via their proxy terrorist groups across the Middle East. This could escalate into wider conflict.
While these rocket and terrorist attacks will be focused on Israel and in the Middle East, attacks in West Europe and the U.S. are also possible.
Escalation to a major war involving Russia, China, and NATO nations seems highly unlikely and irrational, but World War I began with a series of irrational, unpredictable moves and developments. Iran is clearly allied with Russia, China, North Korea and Syria. Russia is threatening to use nuclear weapons in Ukraine and against NATO countries deploying weapons into Ukraine that are fired into Russia. China continues to promise that they will take Taiwan. A war in the Middle East provides opportunities for deliberate or accidental escalation to wider conflict.