U.S.-Israeli Strike on Iran Caused the Biggest Oil Disruption Since WWII, Says J.P. Morgan

J.P. Morgan calls the joint U.S.-Israeli attack on Iran the largest oil supply shock since World War II. A supply shock means oil suddenly becomes much harder to get. Before the conflict, the bank had said long disruptions were unlikely. Global oil use fell 4.3 million barrels a day in April 2026 — mostly across Asia and the Middle East.