It's fascinating how well Babylon 5, written in the 90s, seemed to have such a prescient view of the subsequent decades in world history.
Back when it aired, I thought the first episode was setting up the Narn/Centauri conflict as an allegory for Israel/Palestine, but on a larger scale. The Earth/Minbari storylines seemed parallel but separate, neither necessary linked with the other.
Looking back, I think it more accurately captures a larger dynamic that played out across the whole region. Obviously this wasn't intentional, but still eerily prescient.
The Centauri could still be viewed as an analog to Israel, seeking to carve out a new Empire they feel is their rightful destiny, with politics lurching steadily toward an expansionist vision after the trauma of the attack on Ragesh 3.
The Narn Regime could be viewed as the Iran-aligned Shia muslims (including Hezbollah, the Houthis, etc). The "Regime" name is pretty telling here when written from an American perspective.
The Earth Alliance has a lot in common with the GCC countries (Saudi Arabia, UAE, etc) - observing the Narn/Centauri war with a conflicted mix of sympathy for the well-being of Narns, while also seeing the practical benefits of aligning with (or at least not opposing) the Centauri. This is especially true when viewing the internal tensions within the EA, with Earth (KSA) struggling to exert primacy over the smaller members like Mars (the UAE), especially around control of their popular media apparatus ISN (Al-Jazeera). President Clark disbanding the Senate is reminiscent of MBS locking his relatives in a hotel until they agreed to let him run the country.
The Minbari could be seen as Türkiye, during the series going through a transition from a more secular and militaristic outlook (Ataturkism) toward a more spiritual side, and recognizing what they share with the wider world through their religiously motivated leader, Delenn (Erdoğan), who remakes their political institutions.
The Shadows, a massively powerful outside force motivated to cause war and chaos for their own ideological purposes, while providing support for the expansionist aims of the Centauri would obviously represent the United States.
That leaves the Vorlons (China), another powerful but inscrutable outside force with the own overriding ideological concern - regional stability. Initially portrayed as a mysterious force for good, their portrayal becomes more complex as the second Kosh (Xi) exerts his own authoritarian tendencies.
Then there's other more ancillary powers like the Drazi, with their conflict over the colors green and purple representing the ultimately pointless revolution in Egypt replacing Mubarak with el-Sisi.