It might happen this June or later, reports RT citing Israeli media. Obama and Netanyahu are at least discussing the prospect.
In previous years I was sure that it would happen eventually, probably before year end 2012. That is because that was the most convenient window between the fielding of the Massive Ordnance Penetrator (early 2012) and the completion of most of Iranian hardening efforts (about now). But this hasn’t happened yet, so I think the chances are diminishing fast that it ever will – because the returns to it (in terms of significantly setting back the Iranian nuclear program) are also diminishing fast in tandem.
FWIW, the gamblers who put their money where their mouths are think there is a 10% chance it will happen before June 2012, and a 25% chance it will happen before the end of this year. Those are not odds I would take, however.
If it does happen, however… I think the effects will be rather muted. Iran probably doesn’t have the capability to block the Straits of Hormuz for any significant amount of time and it will probably refrain from even trying (because then the US will have to intervene in a big way). In a just world, types like the BRICS bloc would bank together to punish the US/Israel for acting like rogue states, but I am almost certain that will not happen either. And not because they particularly need trade with the US (even in China’s case – see Myth 3). But because they don’t have any particularly interest in Iran becoming too big for its boots.
Oh they’ll huff and puff alright. But Iran really isn’t a reliable partner to anyone, including to ostensible-allies-but-not-really-or-at-all-actually like Russia. And no nuclear power has an interest in other countries obtaining the capability, because even if their relations aren’t hostile, it still serves to diminish their nuclear power in relative terms. After all having an American Airlines at a poker table doesn’t do you much good if all the others have it too. Furthermore, a nuclear armed Iran would be geopolitically much stronger. Russia doesn’t want that because it will then be less dependent on it. Ideally, Russia wants an Iran that is quite hostile to the West, but not independently strong. The same goes for China. Furthermore, if Russia and China express too much support for Iran, the Iranians may be emboldened to try and close the Strait of Hormuz after all as a fuck-you to the West, delusionally counting on more than rhetorical support from China and Russia. As China and Russia definitely won’t intervene in that one, what will happen in the end is Iran’s total military nullification and perhaps the installation of a pro-Western puppet in Tehran. And that isn’t in their interests at all.
So there will not be any significant reaction from China or Russia to an imperialist attack on Iran.