Oil Market in Chaos as JPMorgan Abandons Price Predictions

Oil analysts at JPMorgan Chase & Co. have abandoned their attempts to predict crude prices due to uncertainty surrounding the US-imposed war on Iran.

JPMorgan's head of global commodities strategy, Natasha Kaneva, stated that they no longer have a baseline view for oil prices because they cannot model the endgame of the conflict.

The bank had initially assumed certain economic red lines would not be crossed, including oil prices exceeding $100 per barrel and gasoline nearing $5 per gallon. However, many of these lines have been surpassed over the past six months.

The prolonged closure of the Strait of Hormuz and damage to critical Persian Gulf energy infrastructure continue to fuel concerns about future oil supplies.