If Mossad boss David Barnea and Shin Bet chief Ronen Bar succeed they could stop an Iran revenge attack on Israel for the killing last month of Hamas chief Ismail Haniyeh in Tehran.
But if Iran launches strikes against Israel, through its proxies or worse, it could trigger a major regional war in the Middle East.
The spy chiefs were joined by Maj Gen Nitzan Alon and PM Netanyahu's adviser Ophir Falk - but observers here in Israel and beyond fear this is just gesture politics.
One non-Israeli intelligence source told the Mirror: "Many believe this is purely for show and the Israeli delegation has no mandate to deliver. There is now a serious rift between the US, Egypt and Qatar interlocutors."
According to sources, the only way the Israeli delegation can succeed in pulling off a deal is if Israeli Prime Minister Benjamin Netanyahu bows to pressure from the US to relax certain red lines.
As the delegation talked, the number of Palestinians killed in the Gaza war topped 40,000, 1.7% of the population. Some 60% of buildings are damaged or totally destroyed.
Cross-border missile exchanges continued between the Israeli Defence Force and Lebanese Hezbollah, and Israel is bracing for Iran's long-anticipated attack.
This is the biggest crisis Israel and the wider region has faced in a generation and tensions appear to be heading for a major escalation.
Tel Aviv was quiet yesterday and the usual tourist crowds were absent, with many locals considering their future in Israel.
Some told us they want to leave because of the October 7 Hamas attacks, which killed 1,200, took 250 hostages and sparked war in Gaza.
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