BREAKING: For the first time since the Iran war began, JPMorgan says it no longer has a baseline view on oil, writing "we simply don't know how to model the endgame," and that the assumption that the Middle East disruptions are temporary is "becoming increasingly difficult to sustain," per JPMorgan Global Research. The bank says it had assumed there were economic red lines the Trump administration would be unwilling to cross, and that six months later "many of those lines have been crossed, yet the exit strategy is less clear, not more." Chevron's CEO said this week the Great fuel crisis has officially arrived, as Trump officials continue to claim the disruption temporary.