A nuclear-armed Iran would indeed pose an existential threat to Israel. Despite the efforts of Western officials to paint Iran's religious rulers as ultimately rational, the actions of the ayatollahs over the past 30 years have shown they are on a jihad-fuelled mission.
But the threat is not to Israel alone. Sure, chances of Iran firing nuclear missiles at any nation besides Israel are incredibly small at this time, but simply allowing Iran to possess a nuclear weapon would significantly upset the regional and global balance.
Israeli Prime Minister Benjamin Netanyahu understands this.
"Everyone needs to understand that if we're worried today about rising oil prices we shall be far more worried if Iran, heaven forbid, gains control over the energy centers in the Persian Gulf," Netanyahu told Israel Radio, referencing the regional Iranian hegemony most Arab states fear should the Islamic Republic go nuclear. "Iran would be able to dictate far higher oil prices and, by so doing, choke the world economy."
Netanyahu continued by insisting that "anyone who is interested in stopping the manipulative use of oil production, its influence on world markets, the threats to the world's economies, must also for that reason enlist to stop Iran's nuclear race."