"Each additional month of disruption would lift average prices by roughly $5 in 3Q26 and $15 in 4Q26, driven primarily by accelerating inventory depletion."

"Each additional month of disruption would lift average prices by roughly $5 in 3Q26 and $15 in 4Q26, driven primarily by accelerating inventory depletion."

As the Strait of Hormuz remains closed for the fourth month, “one development stands out: prices have become remarkably calm,” JPMorgan analysts said.