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Global stakeholders now have to reckon with the geopolitical impact of a rebel offensive led by an Islamist group in Syria that could potentially threaten President Bashar al-Assad’s hold over the country. Syrian rebels have made a lightning advance in the north of the country, taking two major cities: Aleppo, the second biggest city, and Hama, a strategically important city that lies on a vital supply route. The rebels are saying they’ll advance further south to Homs, just over 100 miles from the Syrian capital of Damascus. While Assad has many enemies in the region and beyond, his fall wouldn’t be welcomed by all. Western and Arab states, as well as Israel, would like to see Iran’s influence in Syria curtailed, but none wish for a radical Islamist regime to replace Assad. For Russia, Syria’s fall could mean losing its closest Middle Eastern ally and undermining its ability to project…