JP Morgan expects oil prices to stay in the low $100s for the rest of 2026 even if the Strait of Hormuz reopens, according to BBC reporting. This matters because oil at $100+ drives up gas prices and shipping costs for everyday goods—the Iran conflict and stalled ceasefire talks are keeping prices elevated. The forecast assumes prolonged Middle East tensions; if a broader peace agreement emerges, prices could fall more sharply than currently predicted.