Trump's Iran war has economists aghast

Key Points:

• JPMorgan analysts have expressed uncertainty about the future of oil markets amid the ongoing conflict between the U.S., Israel, and Iran, noting that previous economic assumptions have been surpassed and the exit strategy remains unclear.
• Diesel prices in the U.S. have surged past $6 per gallon for the first time, with inventories at record lows and demand expected to rise during the winter, raising concerns about fuel shortages and price spikes.
• President Trump has indicated a potential escalation in military action against Iran, while also planning to sell 48 F-35 fighter jets to Saudi Arabia, despite the war's increasing human and economic toll.
• The financial cost of the war has reached at least $42 billion, with some estimates as high as $100 billion, alongside significant civilian casualties estimated between 1,800 and 3,800, and undisclosed U.S. military deaths.
• The conflict has also displaced over 100,000 people due to intensified fighting, including attacks by Iran-backed Houthi rebels threatening Saudi Arabia’s oil exports, further destabilizing the region.