JP Morgan says it cannot predict oil prices due to US-Iran war uncertainties

Investment bank JP Morgan has said it is struggling to predict oil prices due to the US-Iran war, admitting in a note to investors that "we simply don't know how to model the endgame." The bank had assumed economic red lines like oil at $100 a barrel would force a deal, but many have been crossed. Oil prices have surged above $100, and the Federal Reserve raised interest rates to combat inflation. China's large oil stockpile and shift to electric vehicles have helped ease global demand, softening price increases.