According to Karen Ward of JPMorgan, what is the predicted oil price level and why does she expect it to fall?

Karen Ward, EMEA chief market strategist at JPMorgan Asset Management, predicts oil could fall to $70 a barrel in the coming weeks, driven by an emerging US-Iran agreement that would unlock frozen Iranian assets and add supply to global markets; she adds that weakening OPEC cohesion and Gulf states’ potential efforts to monetize reserves at current prices further contribute to the expected supply increase.

How does Karen Ward link falling oil prices to equity markets and monetary policy?

Ward states that tumbling oil prices would provide a 'huge tailwind' for equity markets by reigniting the broadening of the rally that was halted by the Iran conflict, and could prompt central banks to cut interest rates — a notable contrast to the European Central Bank’s recent 25-basis-point rate hike in response to inflation pressures.

JPMorgan Strategist Predicts Oil Price Drop Will Boost Stock Markets

Jun 15, 2026

JPMorgan strategist Karen Ward forecasts oil prices could fall to $70 per barrel following a US-Iran agreement, potentially boosting equity markets and prompting interest rate cuts. Brent crude dropped 5% on Monday amid expectations of increased supply from Iran and weaker OPEC cohesion.

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