JPMorgan Abandons Oil Price Forecasts Amid Ongoing Iran Conflict

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

The bank, which is the largest U.S. commercial bank, said it can't model the endgame of the conflict and has given up on making predictions.

This is a significant development because JPMorgan had initially assumed that certain economic redlines would force President Donald Trump into an agreement to reopen the Strait of Hormuz waterway.

Those redlines included crude oil prices above $100 U.S., retail gas prices near $5 U.S. per gallon, and 10-year Treasury yields above 5%.