Raw materials: JP Morgan – Oil market no longer predictable due to Iran war
Six months after the conflict began, no solution is in sight. "We simply do not know how to model the outcome," a study by the bank says.
JP Morgan has withdrawn its forecast for the oil markets, citing uncertainty over the outcome of the Iran conflict. The bank's analysts say that six months into the conflict, many economic thresholds have been crossed without a solution in sight. The oil price has risen above $100 per barrel and US diesel prices have reached an all-time high, but despite an estimated 10 million barrel per day supply shortfall, the price increase has been limited.
This is attributed to a global decline in demand, with the global oil demand down by around 4.4 million barrels per day compared to the previous year.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
