CAIRO, JUNE 12 -- Israel's new right-wing government and the hard-line policies it espouses have exacerbated fears and frustrations throughout the Arab world, prompting many analysts and officials to say the region is heading into one of its most volatile phases since the 1967 war.

Israeli Prime Minister Yitzhak Shamir's pledge to crush the Palestinian uprising, the lack of progress toward resolving the Palestinian problem and the anticipated settlement of Soviet Jewish immigrants in Israeli-occupied Arab territories have eclipsed any talk of Arab-Jewish reconciliation and increased the prominence of anti-American radicals who are scornful of the stalemated peace process.

Even officials, diplomats and political analysts in this Arab capital noted for its optimism in difficult times, are speaking with foreboding and pessimism. "This is the worst crisis since 1967," said Tahseen Bashir, a former presidential spokesman. "We are unleashing irrational forces. . . . If it continues, there will be bloodshed and there will be an explosion."

Jordan's King Hussein today called Shamir's program a "real threat to the stability of the region."

Syrian President Hafez Assad, reflecting the growing talk of war, declared Monday that Israel would be hurt more than Arabs in a conflict, adding that "what is coming is not a limited danger, but a danger of destiny."

With increasing vehemence, Arabs are decrying what they perceive as the U.S. failure to take an even-handed approach to the Israeli-Palestinian conflict as a prime cause for the recent aggravation of the region's woes. As a result, anti-American sentiment has reached new highs, especially among youth, according to analysts in Oman and Jordan, traditionally two of Washington's closest Arab allies.

With no diplomatic peace initiative to ease tensions and hold out hope for Palestinians in Israeli-occupied territories, the region is drifting by default into the domain of extremist groups and militant Arab leaders, such as Iraqi President Saddam Hussein, officials and analysts said.

"Historically, in all the wars we've had in the region, except for 1973, nobody had planned them," said Egyptian sociologist Said al din Ibrahim. "But all the actors find themselves dragged into them like in a Greek tragedy. Unless you have an upward spiral with a peace strategy, you end up in a downward spiral toward war."

Missile arsenals of Israel and Arab states raise the specter of a conflict that, unlike in the past, could quickly escalate out of control. "It's more dangerous than 1967 because of the amount of armaments in the area, and some of that is weapons of mass destruction," Ibrahim said.

In addition, the diplomatic impasse in the Israeli-Palestinian conflict leaves Arab governments with little to counter a trend toward Islamic fundamentalism, which is anti-American and imbued with the notion that armed struggle is the only way to "liberate" occupied Palestinian land.

This religious zealotry adds to frustration and despair among Arab youth caused by widespread unemployment, and extremist groups are finding recruits more easily, these analysts said.

Arab states, no longer having the political and economic support of the Soviet Union and its East European allies to balance U.S. support for Israel, have made repeated calls for unity and "self-reliance." In practice, these pleas result only in greater cohesion around Arab leaders calling for confontation with U.S. policies, as was the case at the recent Arab League summit in Baghdad.

Pro-Western states such as Egypt and Saudi Arabia argued to tone down the anti-American rhetoric of Iraq and the Palestine Liberation Organization. But "we were in a weak position because the Americans left us no ammunition to fight the radicals with," said an Egyptian said.

The new Israeli government's right-wing policies are likely to intensify this trend, analysts said. The Persian Gulf states "feel caught in the middle," said John E. Peterson, a specialist on the Arabian Peninsula now living in Oman. "Without movement in Israel, they have little choice but to go along with the radical Arab declarations."

Jordan's Hussein says that, with Israel's new hard-line government, there could be increased violence in the Israeli-occupied West Bank, or that large numbers of new Jewish settlements there will force Palestinians into Jordan, swelling its already large Palestinian population. He has expressed concerns, too, that Israeli hawks now may try to overthrow his monarchy to make way for a Palestinian state there, rather than in the West Bank.

By far the greatest cause of Arab anger has been the wave of Soviet Jewish immigrants to Israel. Arabs fear they will settle in the Israeli-occupied West Bank and Gaza Strip as a way of consolidating Israel's hold on those captured Arab territories, and push out Palestinians.

"For the third time in this century, the Arab world has to pay for the sins of Europe," Ibrahim said. "We paid once in World War I with the Balfour declaration," which set up a Jewish national home in the British-administered Palestine. "We paid once in World War II with the Holocaust," which led to the creation of the state of Israel and massive Jewish immigration. "And now we're paying for the failure of communism.

"What is the Palestinians' fault in all these European failures? It's aggravating the entire area and making it slip very fast into another war."

Despite statements by President Bush and Secretary of State James A. Baker III that the United States opposes new settlements in the occupied territories, Arabs see little U.S. action to stop them. They are angered by U.S. opposition to U.N. resolutions labeling the settlements "illegal," by U.S. limits on Soviet Jewish immigrants to the United States and by congressional approval of $400 million in housing loan guarantees that could free up that amount in Israeli resources to be spent elsewhere, such as on new settlements.

Some experts say the United States could defuse Arab resentment by "twinning" the Soviet Jewish immigration with the Palestinians' plight.

"I don't see {the Soviet Jews} as a curse," Bashir said. "I see them as a possibility of a solution if {we create} some degree of symmetry. President Bush can . . . talk to people and say let's help Russian Jews and and let's help Palestinian Arabs and put them on the same level. All it needs is for the president to enunciate a public policy, so as not to put them on a collision course."

Arab disillusionment with U.S. policy also has grown with recent congressional resolutions calling for recognition of Jerusalem as the capital of Israel and a U.S. diplomatic message before the Baghdad summit advising the Arab heads of state to avoid "excessively ardent language" and calling on them to recognize Israel and the right of Soviet Jews to emigrate there. The tone was taken by some Arab governments as insulting and demeaning.

A recent U.S. veto of a Security Council resolution to send a U.N. team to investigate Palestinian claims of human rights violations in the Israeli-occupied territories left even the most pro-American Arab officials embarrassed.

"Every time the administration says something which is on the constructive side, we see it get changed, or withdrawn, or 'We didn't mean it that way,' " said Ashraf Ghorbal, Egypt's ambassador in Washington from 1973 to 1984. "It appears it's the hard-liners in Israel who are charting policy for the United States in the Middle East. It's very disappointing."

The U.S. threat to break off its diplomatic contacts with the PLO over an attempted terrorist raid on the Israeli coast by a maverick PLO faction has led to further dismay. Officials and commentators, while condemning the raid, say they regard the threat as excessive when compared to U.S. reaction to Israeli use of gunfire against stone-throwing Palestinians.

"When Israel behaves as it does regarding the children of the uprising, what do we see in terms of action from the United States to stop and desist?" Ghorbal asked. "Nothing of the sort happens. On the contrary, when Palestinians say something not 100 percent linguistically to the views of the United States, we see calls to cut off the dialogue."

These American stands have prompted a surge in anti-American sentiment, some experts said. "You used to hear criticism of American policy from people who were Arab nationalists, or Islamists or Marxist-Leninists," said Assad Abdul Rahman, head of a Jordanian think tank. "But now it's universal, and people feel it everywhere. It's taken for granted America is our enemy. It's not only anger, it's hatred."