U.S.-Israeli Strike on Iran Triggered Largest Oil Supply Shock Since World War II, J.P. Morgan Reports

J.P. Morgan's Mid-Year Outlook 2026 calls the joint U.S.-Israeli attack on Iran the largest oil supply shock since World War II. The bank's own pre-conflict forecast had assessed protracted supply disruptions as unlikely despite rising U.S.-Iran tensions. JPMorgan also estimated global oil demand fell 4.3 million barrels per day in April 2026, with over 80% of the drop concentrated in Asia and the Middle East.