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As the Iranian regime races to fulfill its nuclear ambitions, the world faces a stark choice. Our near future carries the risk of a military conflict with Iran, or a nuclear arms race in the already-volatile Middle East. It is still possible to avoid these outcomes, but only if like-minded nations act immediately to deliver a potentially decisive economic blow to the regime.

Messrs. Dagan, Hanning and Woolsey are former heads of the intelligence services of Israel, Germany and the U.S., respectively. Gen. Guthrie is a former chief of staff of the British armed forces. Ms. Silverberg is a former U.S. ambassador to the EU. Mr. Wallace is a former U.S. ambassador to the United Nations for management and reform. They are members of a new initiative of the U.S.-based group United Against Nuclear Iran and the U.K.-based Institute for Strategic Dialogue.