In December 2007, however, the intelligence community pushed back. Key findings from the National Intelligence Estimate, released that month, showed that Iran had mothballed any weapons-related research since early 2003. The Cheney push for one more war was effectively blocked.
In recent months, several major developments have strengthened the case for dealing with Iran diplomatically rather than militarily. The U.S. military is more overstretched in Iraq and Afghanistan than ever. The resurgence of the Taliban in Afghanistan and the tribal areas of northwest Pakistan has required a significant increase in the number of U.S. and NATO troops during the past year. Iranian proxies in Iraq and Afghanistan could easily target U.S. bases with Katyusha rockets in retaliation for any U.S. strike on the nuclear research facilities at Natanz near Isfahan.
...The run-up in petroleum prices has also had major implications for Iran strategy. Oil companies and European governments are not happy with U.S. policy toward Iran. American and European energy corporations are losing billions in potential profits because of congressionally mandated third-party sanctions on companies that attempt to develop Iran's oil and gas. ...Sanctions are pushing up the cost of oil -- but a war with Iran would push up the price still more.
...Both the U.S. and its European allies know that the negative fallout from a war could be immense. Its effect on the world oil supply would be catastrophic. Iran's perennial threats to close the Strait of Hormuz at the mouth of the Persian Gulf in the event that it is attacked have to be taken especially seriously when oil supplies are as tight as they are now. Some 40 percent of the world's petroleum flows through that choke point, and any significant interruption of supply under today's conditions could send prices skyrocketing so far as to threaten the world with another Great Depression. In short, Iran is far more powerful when petroleum is $127 a barrel than when it is $25 a barrel, and that power makes it more prudent to negotiate with it than to rattle sabers.
In a nutshell there is no plausible pretext to attack Iran, and Uncle Sam, the US military, and the whole global economy would totally suck wind if they tried to.
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