Iran war signals potential oil price shocks: JPMorgan

Jamie Dimon, CEO of JPMorgan Chase, said the war in Iran raises the risk of significant shocks in oil and commodity prices, which could keep inflation elevated for longer.

Prolonged war could reshape global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect, Dimon said in his annual letter to shareholders on Monday.

"Despite the unsettling landscape, the US economy continues to be resilient, with consumers still earning and spending," he said, noting that the US economy has been fueled by large amounts of government deficit spending and past stimulus.

Dimon warned that increased expenditure on infrastructure remains a growing need.