Credible Military Option to Counter Iran Act

Credible Military Option to Counter Iran Act - States that it shall be the policy of the United States to take all necessary measures, including military action if required, to prevent Iran from threatening the United States, its allies, or Iran's neighbors with a nuclear weapon.

Expresses the sense of Congress that: (1) U.S. military exercises in the Persian Gulf emphasize U.S. resolve in support of the above policy; and (2) the President should require the U.S. military to develop a comprehensive plan to augment the presence of the U.S. Fifth Fleet in the Middle East and to conduct military deployments, exercises, or other military readiness activities to underscore such policy. Directs the Secretary of Defense to prepare and submit to the congressional defense committees such a plan.

Authorizes appropriations to the Department of Defense (DOD) for FY2012-FY2013 to enhance U.S. military capabilities in the Central Command Area of responsibility (Middle East), including for procurement, research and development, and operation and maintenance.

Expresses the sense of Congress in support of specified action to assist in the defense of Israel, including joint missile defense systems, defense articles, intelligence, defense services, and additional weaponry and munitions for the forward-deployed U.S. stockpile in Israel. Directs the President to report to Congress on the status of Israel's qualitative military edge in light of current trends and instability in the region.

Directs the Secretary to develop and submit to Congress: (1) a plan to enhance the military capabilities of Persian Gulf allies to bolster their posture in relation to Iran, and (2) a plan to increase the strategic partnership with regional allies to provide U.S. Armed Forces with the broadest set of geographic approaches to militarily access Iran.