Next stop for oil prices: even JPMorgan struggles to give an answer! With the war's endgame hard to predict, the "temporary supply disruption" assumption faces a reset.

Zhito Finance APP has learned that more than six months after the outbreak of the Iran war, JPMorgan's oil analysts are publicly expressing what many traders have been discussing privately for some time: the path to the war's end is becoming increasingly unpredictable. What JPMorgan is really revising this time is its judgment on the mechanism for ending the conflict: the economic pressure that was previously assumed the U.S. government would be unwilling to bear has already emerged, yet it has not produced a clear path to de-escalation.