Iran War Enters Seventh Month

Six months into a conflict that has proven complex, costly, and highly unpopular, there remains no end in sight to the war in Iran.

Energy Markets Lack Baseline View

For the first time since the start of the Iran conflict, we don't have a baseline view. We simply don't know how to model the endgame.

“We simply don't know how to model the endgame”

Strait of Hormuz Remains Closed

The Strait of Hormuz, the world's most critical chokepoint for global energy flows, remains essentially closed to through traffic.

Yemen and Iraq Threaten Oil Supplies

Yemen's Houthi militants have captured a key port city and taken effective control of the Red Sea's southeastern coastline. Tehran-backed militia groups in Iraq have struck Saudi Arabia's East-West pipeline.

Oil Prices Near $100 Per Barrel

Oil prices are trading back over $100 per barrel. US gasoline is holding well above $4 per gallon, and diesel prices have risen to all-time highs above $6 per gallon.

JPMorgan's Oil Market Analysis

Futures on both international benchmark Brent crude and US benchmark WTI held right at $100 per barrel. Global oil stocks have drawn down 555 million barrels.

Oil Demand Falls Short

Since March, global oil demand has been more than 4 million barrels per day below last year's levels. Falling demand tends to depress prices.

Market Stuck in Tough Spot

With an end to the conflict seemingly out of sight, global clearing mechanisms are increasingly under stress. The market has absorbed supply disruptions without sustained price rises.