Israel is "seriously considering military action against Iran," according to a new report by the Washington Institute for Near East Policy.

The report cites two reasons for Israel's concern.

One is Iran's drive for nuclear weapons; the other is Russia's plans to provide Iran with a powerful missile defense system, which could make a military attack more difficult.

"Whatever Americans may think, Israeli leaders seem convinced that at least for now, they have a military option," according to the report. "However, Israelis see the option fading over the next one or two years."

According to the report, if the international community appears unable to stop Iran's nuclear progress, Israel may decide to act alone.