JPM Abandons Oil Price Forecast Amid Ongoing Iran War Uncertainty

JPMorgan Chase has abandoned its efforts to forecast oil prices due to the ongoing Iran war.

The bank's analysts stated that for the first time since the conflict began, they 'don't have a baseline view' and are unable to model the endgame.

This is because several economic redlines predicted by JPMorgan at the start of the war have been crossed, yet an exit strategy remains unclear.

The bank had forecast that crude oil prices would reach $100 U.S. per barrel, retail gas prices would approach $5 U.S. per gallon, and 10-year Treasury yields would surpass 5% to force a deal between the U.S. and Iran.

Crude oil prices have indeed risen above $100 U.S. per barrel, with Brent crude trading near $105 U.S. per barrel, according to JPMorgan estimates.