The Economist had a decent breakdown of the conundrum. Basically Israel sees the opportunity to cripple their two biggest adversaries. Hezbollah doesn’t want to lose face by backing down even though Israel has them on their heels. Lebanon is in dire straits economically and the people don’t want war. Iran would prefer that Hezbollah seek a ceasefire to not take the chance that Israel’s offensive might be effective. The US doesn’t want further escalation either. So it comes down to whether Iran and the US still have enough pull with either side to effect a ceasefire and hopefully talks. Seems unlikely though.