Jamie Dimon pointed to the oil crises of the 1970s and 1980s|Steve Jurvetson|CC BY 2.0
The CEO of JPMorgan Chase, Jamie Dimon, warned that tensions involving Iran could push inflation higher and weigh on global markets if interest rates rise.
In his annual shareholder letter, he said oil and commodity price shocks may emerge in the coming months, increasing the risk of prolonged inflation.
He noted that rising prices could force central banks to hike interest rates, which typically lowers asset values and slows economic growth.
Dimon pointed to the oil crises of the 1970s and 1980s, which triggered deep recessions, though he said economies today are more resilient.
On trade, he noted policies under Donald Trump are reshaping global alliances, with uncertain long-term effects.
He stressed that geopolitical conflicts, including wars in Iran and Ukraine, remain a bigger concern than short-term market swings.
He also flagged high-risk lending, warning that weaker underwriting standards could worsen losses during a downturn.
Dimon called for greater transparency in private credit markets and cautioned that some lenders may struggle if conditions deteriorate.