JP Morgan: Oil Could Hit $130—But We’re Still Calling $60 ...Middle East

JP Morgan is sticking to its base-case oil price forecast for 2025, projecting Brent crude will trade in the low-to-mid $60s, despite a sharp escalation in geopolitical tensions involving Iran, the U.S., and potentially Israel. In a note published Thursday, the bank said it sees oil averaging $60 in 2026, but flagged $120–$130 per barrel as a potential range in the event of worst-case outcomes—namely, military conflict and a closure of the Strait of Hormuz, through which one-fifth of global oil flows. Markets are already partially pricing…

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