JPMorgan Chase's Strategic Research Department's meeting minutes indicate that geopolitical risk premiums are underestimated and are expected to persist until at least 2027. The commodities strategy team estimates that under a "permanent conflict" scenario, the average price of Brent crude oil could reach $87/barrel in 2027, significantly higher than the $64/barrel in the baseline scenario, with high oil prices potentially extending into the first half of 2027.