‘War over water in the Middle East’ was for many years a popular prediction among social scientists. A water-war however has yet to occur anywhere in the world. In this thesis I focus on the case of Jordan, Israel and the occupied Palestinian territories and their shared water resources. I analyze the empirical evidence with the aim of investigating whether a neo-realist or a neo-liberal explanation for the absence of war over water finds most support. The main finding of this research project is that water not having been considered a ‘high politics’ issue by Israel and thus not a resource worth fighting over, is the strongest explanatory argument for stability. Although all three Parties strongly value the dialogue established under the umbrella of the Multilateral Working Group on Water, the cooperation has few results to show for, a fact which constitutes a second indication that water is not a sufficiently important resource worth making sacrifices for.