JPMorgan: No Clear Exit Path for Oil Market as Iran War Disrupts 10M bpd

JPMorgan abandons its prior baseline that high oil prices would self-limit the Iran conflict, noting six months in that thresholds have been crossed without an exit. Roughly 10 million barrels per day of supply is disrupted, with Brent September fair value elevated. The market faces prolonged uncertainty and potential sustained supply tightness.