<div id="readability-page-1">Record supply gap: Global oil disruptions hit 13.7 million barrels per day in April, forcing heavy inventory drawdowns and leaving a 2 million bpd shortfall. Consumer squeeze: U.S. gas prices have climbed to $4.52 a gallon on average, with reduced driving and higher airfares already signaling demand destruction. Inflation outlook: JPMorgan sees CPI staying above 3% into early 2027, with worst-case scenarios topping 5% if oil prices remain elevated.</div>

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<p>JPMorgan warns that global oil disruptions, which reached 13.7 million barrels per day in April, may keep inflation high into 2027. U.S. gas prices have surged to an average of $4.52 per gallon, indicating demand destruction. The bank predicts the Consumer Price Index (CPI) will remain above 3% until early 2027, with worst-case scenarios exceeding 5% if oil prices stay elevated.</p>

JPMorgan Chase

HSPC

Occidental Petroleum

BP p.l.c.

VanEck Oil Services ETF

China Southern Crude Oil Fund-A

United States Oil Fund LP

SPDR Energy Select

Us Brent Oil

iShares US Oil & Gas Expl & Prod

VG Energy

iShares US Oil Equip & Svcs

SPDR O&G Ex & Prd

Pro Ultr Bloomberg Crude Oil

SPDR O&G Equip

ISHRS S&P Glb Engy

F GX OIL

F SAMSUNG OIL

VanEck Oil Refiners ETF

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPMorgan warns oil shock may keep inflation high into 2027