JPMorgan Abandons Oil Market Forecast Amid Iran Conflict Uncertainty

JPMorgan, one of the world's largest investment banks, has abandoned its baseline scenario for oil markets due to the prolonged US-Israeli conflict with Iran.

The bank stated it 'simply doesn't know how to model the endgame' and that many initial assumptions have been overtaken by events.

Nigeria is exposed to global oil shocks, as changes in international crude prices affect domestic petroleum markets through the cost of crude feedstock, refined products, freight, and other supply-chain expenses.