JPMorgan's (JPM) commodities team has formally abandoned its baseline forecast for oil markets, marking an unprecedented admission from one of Wall Street's most influential energy desks that the Iran conflict, now in its seventh month, has become impossible to model.
“For the first time since the start of the Iran conflict, we don’t have a baseline view,” wrote Natasha Kaneva, head of global commodities strategy, on Thursday. “We simply don’t know how to model the endgame.”
