An Israeli-Iran war would not be a limited conflict. Both sides would attempt to destroy the other’s capacity to fight, and the odds for the moment favor Israel.
Two dozen Israeli missiles or bomber sorties could wipe out Iran’s economy in a matter of hours, and that makes a war unlikely for the time being. Fewer than a dozen power plants generate 60% of Iran’s electricity, and eight refineries produce 80% of its distillates. A single missile strike could disable each of these facilities, and bunker-buster bombs of the kind that Israel used last month in Lebanon would entirely destroy them. And as Hillel Frisch points out in the Jerusalem Post, with a bit more effort Israel could eliminate the Port of Kharg from which Iran exports 90% of its hydrocarbons.
After Israeli intelligence stole half a ton of Iranian secret documents in an operation that reportedly involved 100 Mossad agents, Iran must assume that Israel has mapped every point of vulnerability in the country and has considerable capacity for sabotage in the event of war. Iran doesn’t want a war that might end in a Carthaginian peace.