JP Morgan sees eased oil urgency as Hormuz transits rise
JP Morgan’s Geopolitical Center says market urgency eased as more crude—supported by U.S. assistance—transits the Strait of Hormuz, temporarily capping oil prices. It assigns 55% for mediated narrow agreement and 45% for U.S. delay into mid-November elections.
S. assistance, moves through the Strait of Hormuz, temporarily capping oil prices. Washington believes it can wait for Iranian concessions because Iranian oil exports are near zero, the rial has depreciated roughly 50% vs USD since January, and inflation is near 90%, leaving Iran under greater pressure to return to talks. JP Morgan put a 55% probability on a mediated, face-saving narrow agreement similar to prior memoranda, saying Iran and Oman are close to a joint management mechanism for the Strait.
S. S. bases to regain leverage.