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Israel has doled out mock Academy Awards for the geo-political drama giving Iran the Oscars for the "best actor" role while the Lebanese group Hezbollah receives "best supporting actor".

The Israeli foreign ministry took a dig at its political adversaries amid the ongoing rise in tension between the US and Israeli Prime Minister Benjamin Netanyahu over Iran.

In substantiating its reasons for giving the award to Iran, the Israeli ministry mockingly said: "For acting like a peace loving country while developing nuclear capabilities, denying the Holocaust and threatening the destruction of another member state."

Iran, a Shi'ite-majority nation, has been accused of carrying out covert nuclear programmes to make weapons. Tehran strongly denies these allegations and insists those activities are for peaceful purposes.

The ministry bestowed the "supporting actor" award to the Lebanese Shi'ite militant group Hezbollah, often seen as a long-arm of Iran, "for its unrelenting support to the [Syrian President] Assad regime in killing thousands of civilians".

Hezbollah officially has entered the Syrian conflict supporting Assad, who belongs to the minority Alawite community – an offshoot of Shi'ite Islam.

Israel also awarded the "best editing" award to the Palestinian Authority for "rewriting history".

The latest dig from the ministry has come just days after Israeli ambassador to the United Nations Ron Prosor made a satirical address during a UN gathering.

In his lampooning award ceremony, Prosor gave the awards to all the Israeli adversaries.

Here's a video of Prosor's address.