More than six months into the Iran war, JPMorgan Chase & Co. oil analysts say predicting the market outlook is increasingly impossible. Several economic red lines the bank assumed the US administration would avoid — including oil above $100 a barrel, gasoline near $5 a gallon, and surging treasury yields — have already occurred. Analysts including Natasha Kaneva noted these developments have made the exit strategy less clear.

The conflict continues to create significant uncertainty in global energy markets.