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‘Simple math’: JPMorgan analyst makes the case for why oil prices should push even higher

Cnbc · · 398 words · By Spencer Kimball
open_in_new Read the original article: https://www.cnbc.com/2026/04/24/jp-morgan-oil-prices-higher-iran-war.html

fact_checkFact-Check Results

8 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

info Single Source 5
check_circle Corroborated 3
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“Brent oil futures prices have averaged around $100 in April, while the spot price for the delivery of actual cargo has hovered closer to $121 per barrel.”
SINGLE SOURCE
The claim specifies precise figures for April ($100 average futures, $121 spot). The web search results provide varying or different data points (e.g., $103 average in March, $93-$113 futures range as of late March 2026, $128/b on April 2). No two independent sources corroborate the exact figures provided for April.
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wikipedia NEUTRAL — Brent Crude is the trading classification for the types of petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also ide…
https://en.wikipedia.org/wiki/Brent_Crude
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wikipedia NEUTRAL — Jeremiah Brent (born Jeremy Clevenger Johnson; November 24, 1984) is an American interior designer and television personality. He founded his design firm Jeremiah Brent Design (JBD) in 2011, a full-se…
https://en.wikipedia.org/wiki/Jeremiah_Brent
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wikipedia NEUTRAL — Brent Di Cesare (born 7 April 1979), known by his online pseudonym Mark Goldbridge, is an English YouTuber known for hosting The United Stand, a fan channel for the Premier League football club Manche…
https://en.wikipedia.org/wiki/Mark_Goldbridge
+ 3 more evidence sources
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“The supply disruption stands at 13.7 million barrels per day (bpd) in April, Kaneva said.”
CORROBORATED
Two separate web search results attribute the 13.7 million barrels per day (bpd) supply disruption figure to Natasha Kaneva of JPMorgan, confirming the core numerical claim from multiple sources.
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wikipedia NEUTRAL — April is the fourth month of the year in the Gregorian and Julian calendars. Its length is 30 days. April is commonly associated with the season of spring in the Northern Hemisphere, and autumn in the…
https://en.wikipedia.org/wiki/April
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wikipedia NEUTRAL — April 14 is the 104th day of the year (105th in leap years) in the Gregorian calendar; 261 days remain until the end of the year.
https://en.wikipedia.org/wiki/April_14
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wikipedia NEUTRAL — April Fools' Day or April Fool's Day (rarely called All Fools' Day) is an annual custom in many Western countries on the 1st of April consisting of practical jokes, hoaxes, and pranks. Jokesters often…
https://en.wikipedia.org/wiki/April_Fools'_Day
+ 3 more evidence sources
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“Saudi Arabia and the United Arab Emirates would typically ramp up production to narrow the deficit, she said. But they are severely constrained themselves because they cannot export through the Strait of Hormuz due to the war.”
CORROBORATED
The claim accurately reflects the context of production constraints and the Strait of Hormuz blockage. One source notes the plunging flows through the Strait of Hormuz, and another mentions Saudi Arabia cutting output due to the Iran war, supporting the narrative of constraints.
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wikipedia NEUTRAL — On 19 March 2026, the United States began an aerial campaign against Iranian targets to reopen the Strait of Hormuz following its closure by Iran in response to the attacks by the United States and Is…
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_campaign
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — The Strait of Hormuz () is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
+ 3 more evidence sources
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“Nearly all of the world's spare capacity is concentrated in Saudi Arabia and the UAE, and it was effectively cut off from global oil markets, stripping the industry of its traditional shock absorber.”
SINGLE SOURCE
The claim asserts that *nearly all* spare capacity is concentrated in Saudi Arabia and the UAE and that it has been *effectively cut off*. While multiple sources discuss the importance of Saudi Arabia and the UAE and the Strait of Hormuz blockage, none of the provided evidence explicitly states that *all* spare capacity is concentrated there or that it has been *completely* cut off from global markets.
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wikipedia NEUTRAL — The Arabian Peninsula, or simply Arabia, is a peninsula in West Asia. It accounts for the majority of the land situated on the Arabian plate. With an area of 3,237,500 km2 (1.25 million mi2), it is th…
https://en.wikipedia.org/wiki/Arabian_Peninsula
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wikipedia NEUTRAL — On 26 March 2015, Saudi Arabia, leading a coalition of nine countries from West Asia and North Africa, staged a military intervention in Yemen at the request of Yemeni president Abdrabbuh Mansur Hadi,…
https://en.wikipedia.org/wiki/Saudi-led_intervention_in_the_…
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wikipedia NEUTRAL — Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of abou…
https://en.wikipedia.org/wiki/Saudi_Arabia
+ 3 more evidence sources
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“With spare capacity in the Middle East constrained, nations are drawing down commercial and strategic inventories by some 7.1 million bpd in April, the analyst estimated.”
SINGLE SOURCE
The specific figure of 7.1 million bpd draw-down due to constrained capacity is not corroborated by any other source. The evidence mentions strategic stock releases (400 million barrels) but not this specific draw-down figure.
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web search NEUTRAL — Middle East map of Köppen climate classification. The Middle East[b] is a geopolitical region encompassing the Arabian Peninsula, Egypt, Iran, Iraq, the Levant, and Turkey.
https://en.wikipedia.org/wiki/Middle_East
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web search NEUTRAL — Commercial crude oil inventories in China, which include inventories held at refineries, have grown to an estimated 1 billion bbl as of December 2025, compared with 411 million bbl held commercially i…
https://www.hydrocarbonengineering.com/refining/21042026/eia…
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web search NEUTRAL — The IEA also manages its members' emergency oil stocks and has responded to the crisis by releasing a record 400 million barrels from strategic stockpiles to stabilise oil prices and offset lost Middl…
https://www.aol.com/articles/explainer-how-the-iran-war-oil-…
info
“That cuts the supply gap to 6.6 million bpd globally.”
SINGLE SOURCE
The specific resulting figure of 6.6 million bpd is not corroborated by any other source. The evidence does not provide the necessary preceding figures to confirm this calculation.
travel_explore
web search NEUTRAL — Your GPU is showing at 100% capacity on the data screen, turn down your render distance and see if that helps, if your computer is wasting all of its processing power on rendering things way out in th…
https://www.reddit.com/r/Minecraft/comments/192eqxe/minecraf…
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web search NEUTRAL — Feb 5, 2024 · Inventory invisible, unable to see other inventories and when crafting from creative mode items and their associated weight are in inventory but invisible. Also unable to spawn items int…
https://www.reddit.com/r/playark/comments/1aj31zn/asa_cannot…
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web search NEUTRAL — Apr 19, 2024 · I've spent at least half an hour googling, and usually I'm pretty good at googling, but, I couldn't find anyone explaining where in your inventory you see plans.
https://www.reddit.com/r/fo76/comments/1c7lypy/where_do_i_se…
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“Demand is also expected to fall by 4.3 million bpd in April, with those losses concentrated in the Middle East, and Asia, due to its dependence on Gulf crude, Kaneva said.”
CORROBORATED
Multiple sources discuss expected demand fall and concentration in the Middle East/Asia. One source mentions widespread flight cancellations in the Middle East curbing global oil demand, and another source discusses the general impact of the crisis on demand.
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wikipedia NEUTRAL — The Greater Middle East is a geopolitical term introduced in March 2004 in a paper published by the Carnegie Endowment for International Peace as part of the United States' preparatory work for the Gr…
https://en.wikipedia.org/wiki/Greater_Middle_East
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wikipedia NEUTRAL — The Middle East is a geopolitical region encompassing the Arabian Peninsula, Egypt, Iran, Iraq, the Levant, and Turkey. The term came into widespread usage by Western European nations in the early 20t…
https://en.wikipedia.org/wiki/Middle_East
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wikipedia NEUTRAL — The Middle East and North Africa (MENA), also referred to as West Asia and North Africa (WANA) or South West Asia and North Africa (SWANA), is a geographic region which comprises the Middle East (also…
https://en.wikipedia.org/wiki/Middle_East_and_North_Africa
+ 3 more evidence sources
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“The 4.3 million bpd in reduced demand in April cuts the supply gap from 6.6 million bpd down to 2.3 million bpd.”
SINGLE SOURCE
This claim relies on the specific figures from claims 5 (6.6 million bpd) and 6 (4.3 million bpd). Since neither of those preceding figures is corroborated, this final calculation cannot be independently verified.
travel_explore
web search NEUTRAL — Jet fuel demand in April will be as low as 2.6 million bpd and in May 2.4 million bpd. Regional demand figures: Total oil demand in the United States for 2020 is now forecast to fall by 1.9 million bp…
https://www.oilandgasmiddleeast.com/exploration-production/d…
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web search NEUTRAL — The US blockade, imposed on April 13, adds an additional 1.3 million bpd of outages as Iranian crude oil will no longer reach the market.
https://www.atlanticcouncil.org/dispatches/the-strait-of-hor…
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web search NEUTRAL — Output fell 16,000 bpd in federal waters in the Gulf of Mexico, the report said. The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month w…
https://www.oilmonster.com/article/us-crude-oil-output-falls…
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.