JPMorgan Abandons Oil Price Predictions Amid Iran War Uncertainty

JPMorgan has conceded that it cannot predict where oil prices will go due to the ongoing Iran War. In a recent note, Natasha Kaneva, head of commodities strategy at JPMorgan, stated that 'we simply don't know' how to model the endgame of the conflict.

The investment bank had previously forecasted that Brent crude would average $86 per barrel in the third quarter of 2026. However, with oil prices currently trading at $95 per barrel and gas prices reaching a national average of $4.48 per gallon, JPMorgan's analysts believe that the exit strategy is less clear than initially thought.

The bank also flagged a 'more concerning' development: diesel prices reaching record-highs while inventories dry up ahead of usual peak demand periods in winter. Diesel cost $6.51 per gallon on Monday, far exceeding its previous $5 record set during Russia's invasion of Ukraine.