A team of analysts at J.P. Morgan Chase, led by commodity research director Natasha Kaneva, said in a research report that even if there is a “permanent conflict” scenario and the Strait of Hormuz is actually closed, the average price of Brent crude oil futures may still reach 87 US dollars per barrel next year. J.P. Morgan's benchmark scenario predicts an average price of $63 per barrel for Brent crude next year, which assumes “a state of global peace in 2027.” The “conflict may last much longer than what was anticipated in the” baseline scenario. “But that doesn't mean oil prices need to rise significantly from here.”

A team of analysts at J.P. Morgan Chase, led by commodity research director Natasha Kaneva, said in a research report that even if there is a “permanent conflict” scenario and the Strait of Hormuz is actually closed, the average price of Brent crude oil futures may still reach 87 US dollars per barrel next year. J.P. Morgan's benchmark scenario predicts an average price of $63 per barrel for Brent crude next year, which assumes “a state of global peace in 2027.” The “conflict may last much longer than what was anticipated in the” baseline scenario. “But that doesn't mean oil prices need to rise significantly from here.”