The international community should target the Iranian economy in its attempt to limit Tehran's nuclear program, Israeli President Shimon Peres says.

Peres said he intends to propose his idea to the United Nations as a way to strengthen the international call for Iran to halt its controversial nuclear program, The Jerusalem Post said Friday.

Peres said targeting Iran's economy could potentially force the Middle Eastern country to capitulate to U.N. requests better than additional diplomatic means.

But the Israeli president did rule out the possibility of military action against Iran, saying war isn't an acceptable "action."

"War should never be an option, or even the first option. We must first try every other option," the president said Thursday.

Peres told the Post that at next week's U.N. General Assembly meeting, he will detail the regional threat of Iran's nuclear program and how economic means can limit that threat.

Among his suggestions in increased research into alternative energy sources that could strain the economies of oil-rich countries like Iran, the newspaper reported.