With rising speculation that the Democratic People's Republic of Korea may soon conduct another nuclear test, tension is once again building on the peninsula. This is worrying, as it is detrimental to peace and stability in the region and beyond. The issue of foremost importance now is the parties concerned exercise the utmost restraint and prevent the situation from spinning out of control.

The Republic of Korea said this week that its neighbor to the north could detonate multiple devices when it conducts a third nuclear test in the coming weeks or even days. Meanwhile, it joined the United States in a joint naval exercise off the coast of the peninsula from Monday to Wednesday. The drill has been widely interpreted as an attempt to deter the DPRK.

The new US Secretary of State John Kerry and his ROK counterpart have said they will make sure Pyongyang is punished if it carries out its threat to conduct a nuclear test. Media reports also say the US and the ROK are mulling pre-emptive measures against the DPRK.

In response, Pyongyang has also raised its voice, saying it will go beyond carrying out the promised third nuclear test. Last month, to defend its right to launch a satellite for peaceful and scientific purposes, it vowed to proceed with the "high-level nuclear test" and continue long-range rocket launches shortly after the United Nations Security Council adopted a new resolution condemning Pyongyang's satellite launch on Dec 12.

As such, the nuclear standoff on the Korean peninsula seems to have entered a vicious circle, with contesting parties employing a tit-for-tat strategy and refusing to back down. If such an undesirable trend continues, diplomats might lose control of the situation.

All the parties concerned have a stake in peace and stability on the peninsula. Sanctions and pressure have proved inefficient either in defusing tensions or in helping work out a compromise. Dialogue and consultation are the only viable way to restore lasting peace and stability on the peninsula.

Pyongyang should be fully aware of the severe consequences of a third nuclear test. It should fully comply with the relevant UN resolutions and shoulder its due responsibilities in maintaining peace and stability on the peninsula.

A diplomatic window still exists for the parties concerned to dissuade the DPRK from seeking nuclearization. To prevent the situation from taking a dangerous turn, they too should refrain from making any provocative moves.