J.P. Morgan Calls U.S.-Israeli Strike on Iran the Largest Oil Supply Shock Since WWII

J.P. Morgan's Mid-Year Outlook 2026 labels the joint U.S.-Israeli strike on Iran the biggest oil supply shock since World War II. Before the conflict, the bank had called prolonged disruptions unlikely despite rising tensions. Global oil demand fell 4.3 million barrels daily in April 2026 — over 80% of that drop in Asia and the Middle East.