There is definitely an important religious component. There are also important ethnic, cultural and geopolitical components.
Israel is located in a place that Judaism claims is the "promised land" given by God to the Hebrews. This is why Zionists of the late 19th and early 20th centuries sought a state in that location, rather than, say, China or Australia.
Radical Jews in Israel are constantly pushing for more land, more land, more land. Their justifications are entirely religious in nature.
Many Muslims develop a hatred for Israel and the Jewish people through religious indoctrination. Wahabi textbooks (Wahabbis are the fanatics that run Saudi Arabia) are prominent throughout the Muslim world, and feed Muslim children all sorts of hateful and bigoted ideas about Israelis and Jews.