Business strategist JP Morgan says the possibility of a war with Iran is not being understood

The dispute between the US and Iran seems to be at the rear as stocks rise to record highs and Phase One of the U.S.-China trade deal is the priority, but some caution of escalating tensions in the Middle East, which may well reach a boiling point shortly.

Marko Kolanovic, the global head of macro-quantitative and derivative strategy, told customers Wednesday "A substantive change in our outlook is the latest geopolitical thresh....