Real options have been used to evaluate investment decisions with various structures, but have rarely been put into a game theoretical context. We examine the risk of war over a common resource, whose value is a geometric Brownian Motion, where one country may preemptively appropriate the resource, and the other wage war for it. We derive a closed form expression for the optimal mixed strategy that both countries should follow, and show that the resulting price level that triggers capturing the resource and subsequent war asymptotically follows a power law. The present value of the time until that trigger also decays slowly asymptotically. In consequence, in spite of both countries' propensity towards preemption, war may be indefinitely delayed.