In a report “The Iranian Issue through Economic Eyes”, Kahanovich laid out courses of action — ranging from additional “light sanctions” to military strikes — and told investors the world would likely balk at taking the steps needed to stop Iran from developing nuclear weapons.

Even for Israel the economic cost of a military confrontation that could include retaliatory missile attacks by Tehran and proxies in Gaza and Lebanon would be too high, Kahanovich wrote.

“Unfortunately, it appears that a nuclear Iran is the most reasonable scenario,” he added.