JPMorgan analysts have abandoned their oil price models, citing geopolitical volatility from the Iran War as diesel prices hit record highs and gasoline climbs to $4.48 per gallon.
Brent crude trades near $95 with geopolitical risk from the Iran War, and JPMorgan abandons its price forecast due to uncertainty.
Diesel prices hit a record $6.51 per gallon with inventories drying up ahead of winter demand.
National average gas prices are climbing to $4.48 per gallon, reflecting supply concerns.
JPMorgan has suspended its baseline oil price forecasts, citing extreme uncertainty surrounding the Iran conflict. Analysts warn that previous assumptions of temporary market disruption are no longer sustainable as Brent crude trades near $95 per barrel and diesel prices reach a record $6.51 per gallon.
The bank states that the ongoing Iran conflict has created too much geopolitical uncertainty, making it impossible to model an endgame or provide a reliable baseline for energy markets.