Eight days of fighting between Israel and Palestinians in the Hamas-ruled enclave of Gaza diverted US President Barack Obama's attention to the Middle East as he toured Asia on his first trip abroad after this month's election.
Hague told the BBC it was "time for a huge effort on the Middle East peace process".
"This is what I have been calling for, particularly calling for the United States now after their election to show the necessary leadership on this over the coming months, because they have crucial leverage with Israel and no other country has," Hague said.
"We're coming to the final chance maybe for a two state solution for the Israeli-Palestinian conflict," he added.
US Secretary of State Hillary Clinton broke off from Obama's tour of Asia to help negotiate a ceasefire between Israel and Hamas to end this month's bout violence.
Recent US efforts to coax the Palestinians and Israelis back into negotiations to agree a long term peace have failed, and talks are set become even more fraught if the Palestinians succeed in securing recognition as an "observer state".
A vote on the diplomatic upgrade could take place later this month at the UN General Assembly, and if successful would implicitly recognize Palestinian statehood. Israel and the United States oppose the move and call for a return to talks.
The last direct negotiations between Israel and the Palestinian Authority broke down in 2010 over the issue of Jewish settlement building across the occupied West Bank.
Britain has also been pushing the United States, a close ally, to take a bigger role in helping to end the conflict in Syria, with Prime Minister David Cameron calling for greater engagement within hours of Obama's re-election.
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