# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/((?<=\s)\*(?P<common>[^\*]+?)\*(?=\s)|^\*(?P<uncommon>[^\*].*[^\*])\*$)/<em>\g<common>\g<uncommon><\/em>/gm;t' <<< "**part strong,** *part emphasized*"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html