The possibility of a full-scale war with Iran looms larger than ever, a conflict that would redraw the geopolitical map and have profound, cascading effects across the globe. While the exact contours of such a war remain uncertain, historical precedent and current strategic analyses suggest several potential endgame scenarios, each with its own devastating consequences.

One prominent pathway to conflict's end could involve a decisive military victory by the United States and its allies, leading to the collapse of the current Iranian regime. This scenario, often favored in hawkish circles, would likely involve extensive air campaigns, cyber warfare, and potentially ground operations, aiming to dismantle Iran's military infrastructure and political leadership. However, such an outcome would almost certainly breed a protracted insurgency, regional destabilization, and a humanitarian crisis of immense scale. The economic fallout would be immediate and severe, with global oil markets experiencing unprecedented volatility and supply disruptions.

Alternatively, a war might conclude through a negotiated settlement, albeit one reached under duress. This could emerge if either side, or both, suffer unacceptable losses or if external pressures mount. Such a resolution might involve significant concessions from Iran, such as dismantling its nuclear program and curbing regional influence, in exchange for sanctions relief and a degree of political survival for the existing leadership. Yet, the trust deficit between the parties involved makes this a challenging, perhaps improbable, outcome. The lingering resentments and unresolved grievances could sow the seeds for future conflict.

A prolonged, attritional conflict, akin to a frozen war or a series of escalating skirmishes, also presents a grim possibility. This scenario would see continuous, low-level hostilities, proxy engagements, and economic warfare, without a clear victor or a definitive end. The region would remain perpetually on edge, deterring investment and fostering widespread instability, while the global economy would suffer from ongoing uncertainty and supply chain disruptions. Given these potential futures, what do you believe is the most likely way a war with Iran would ultimately conclude?