JPMorgan Sees No Clear Endgame for Oil Markets

JPMorgan Chase removed its baseline forecast for oil markets, according to Bloomberg. The decision followed an attack on Saudi Arabia's East-West pipeline that disrupted transport around the Strait of Hormuz, affecting crude shipments to Europe and diesel supplies. Chris Kennedy, Bloomberg Economics Statecraft Lead, cited the Iran conflict, attacks on Russian energy infrastructure, and Chinese demand uncertainty as factors making oil market projections difficult.

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