Iran’s foreign minister dismissed Israeli threats of an imminent attack against its nuclear facilities because such a “stupid act” would provoke “very severe consequences.” But there are several reasons why an Israeli attack is more likely than ever.

This is, in fact, a unique opportunity.
First, it is always a good time for Israel when the USA is having a presidential elections: both candidates are busy boasting about their support for Israel in the hope of getting approval and money from the powerful Jewish lobby of the USA.
Second, Iran has never been so isolated. Its only loyal ally, Syria, is in the middle of a civil war, and its regime looks unlikely to survive. If Syria, falls, Iran will have virtually no power to influence politics in Lebanon (where Hezbollah depends on supplies from Iran via Syria) and in Palestine (where Hamas depends on Syria’s political support). Severing the umbilical cord between Iran and its proxy militias has greatly reduced the chances that such militias will attack Israel.
Third, Turkey has become again a close ally of Israel after distancing itself from the racist policies of Israel against Gaza.
Fourth, all the Arab countries of the region are fed up with Iran, which they see as trying to bully everybody else and fomenting Shiite unrest all over the region: they would never say so in public, but Saudi Arabia, Jordan and so on are looking forward to a strike against Iran that would humiliate and weaken the ayatollahs, and they might have already guaranteed ways to pump oil via other routes if Iran blocks the Persian Gulf.
Fifth, Iraq (the only other major Shiite nation) just got rid of the “occupation” (the USA withdrew its troops) and does not need the Iranians as a counterbalance to the USA anymore.

Israel might even count on the stupidity of the Iranian regimes. Hit by an Israeli strike, the Iranians might be tempted to bomb a warship of the USA in the Persian Gulf, thus forcing Obama to strike back at Iran. At that point Obama might decide on a full-scale retaliation instead of just a slap on the cheek: cripple if not topple the regime once and for all.
There used to be three factors against bombing Iran:
1. The Israeli public opinion is wildly opposed to another war;
2. Iran could disrupt the flow of oil which would cause a spike in oil prices which would cause a worldwide recession;
3. Iran might unleash terrorists worldwide against Israeli and Western targets (as it demonstrated recently in Bulgaria).
Only the first one is still there.
An Israeli attack is more than just a calculation of costs and benefits. It’s more like a “now or never” kind of decision.
Always enjoy your razor-sharp observations and analysis, and I agree with you: An attack is very likely. However, you stop short of telling us what your personal position is: Do you approve of or even recommend an attack, or do you too see it as an act of stupidity..
Personally, I support an attack, not only in an Israeli and / or international pespective, but specifically also in an Iranian perspective. “Spring” will come to Iran eventually, but nukes in the hands of Armageddonite Ayatollahs could turn spring into winter..
When spring comes to Iran, there will be no risk of Islamists taking over, all the while they are already in power, - very unlike Arab nations, where spring looks suspiciously like winter, but Iranian nukes could very well change the game..