JPMorgan Flags Oil Shock as New Inflation Driver

The war in the Middle East that has caused an oil and gas shock will have far-reaching effects on the global economy, dragging inflation and interest rates higher, the chief executive of JP Morgan said in his annual letter to shareholders. The war continues with no end to hostilities in sight, after the U.S. president threatened Iran with “hell” if it did not reopen the Strait of Hormuz and Iran rejected a ceasefire plan presented to the two sides by Pakistan, insisting instead on a permanent peace deal. This kept oil prices high, suggesting…