JPMorgan Abandons Oil Market Predictions Amid Ongoing Conflict

JPMorgan, one of the world's leading investment banks, has abandoned its base-case scenario for the global oil market due to the ongoing conflict between the US and Israel/Iran.

The prolonged conflict is disrupting energy supplies, and JPMorgan analysts say they cannot model a final outcome. This marks the first time since the start of the conflict that the bank has given up on predicting the oil market's trajectory.

Rising fuel prices in Nigeria are a direct consequence of higher oil prices and uncertainty in the global energy market. Petrol prices at filling stations have risen to 1,400-1,450 naira per litre, with Dangote Petroleum Refinery increasing its petrol price by 85 naira from 1,265 to 1,350 naira per litre.

The cost of oil affects the price of feedstock for refining, petroleum products, freight and other costs in supply chains. Brent, the benchmark for Nigerian oil, closed at $104.87 per barrel on Friday, indicating that investors are factoring in the risk of further supply losses.