For the first time since the Iran war began, JPMorgan says it no longer has a clear baseline for how the oil market gets out of it. The bank had previously worked on the assumption that rising oil prices and the economic damage they caused would eventually put limits on how far the conflict could go.
Six months into the war, JPMorgan says many of those thresholds have already been crossed without producing a clear exit. Roughly 10 million barrels per day of oil supply has been disrupted, while the bank puts Brent’s September fair value at…