JPMorgan Chase has abandoned its baseline forecast for how the Iran conflict will end, saying economic thresholds it expected would push President Donald Trump toward an agreement were crossed without a clear exit strategy. Brent crude traded near $105-$106 a barrel after approaching $110, above the bank’s estimated September fair value of about $90. U.S. gasoline reached $4.37 a gallon, diesel hit a record $6.31, and the 10-year Treasury yield crossed 5%. Strait of Hormuz traffic fell to the low teens from more than 120 vessels a day before the war, while Houthi attacks and advances in Yemen, damage to Saudi Arabia’s East-West Pipeline and strikes on Russian refineries added to supply risks. Global crude and refined-product inventories fell about 555 million barrels, roughly one-third of JPMorgan’s earlier 1.4 billion- to 1.6 billion-barrel projection, as demand ran more than 4 million barrels per day below year-earlier levels and U.S. output reached records. JPMorgan said inventories and weaker demand could cushion disruptions for now, but warned that the buffer is narrowing and prices could rise without a diplomatic breakthrough.