New Delhi, April 1 -- A potential US military pullback from the Iranian theatre may not signal an end to the ongoing crisis, but instead mark the beginning of a more fragmented and less controllable regional phase, according to a recent geopolitical briefing reported by Ask Private Wealth.

"A US pullback would not necessarily mark the end of the crisis. It could mark the start of a more regional, less controllable phase," the report noted.

The briefing cautioned that markets may misread such a move as de-escalation. "The temptation in markets will be to read any US military pullback as de-escalation. That would be far too tidy," it said, adding that "an American step back could mean peace -- but it could just as easily mean that the con...