Wolfe Research strategist Tobin Marcus says Trump could soften US demands on Iran's enriched uranium to break deadlock.
Trump rejected Iran's latest offer as "totally unacceptable," citing unchanged US red lines despite CIA estimate Iran can endure blockade 3‑4 months.
Iran insists on third‑country custody for its enriched uranium stockpile, viewing physical possession as a non‑negotiable red line.
Wolfe Research warns markets cannot ignore the crisis indefinitely and is not shorting equities currently.