JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said on Tuesday that global markets will remain volatile until the conflict with Iran concludes. While noting the economy remains resilient, Dimon expressed caution regarding the geopolitical environment.

“The markets will be concerned until it’s over,” Dimon  told “FOX & Friends.” He emphasized that the successful completion of the war is more critical than short-term market fluctuations.

Dimon Hopeful for Victory and Open Straits

The ongoing conflict has heavily impacted global trade routes, specifically the Strait of Hormuz. Dimon noted that market participants are currently pricing in the risk of further escalations.

“We should all hope that… we win this thing and clean up the straits and that Iran is no longer a threat to everybody,” Dimon said.

Trump Issues Ultimatum To Reopen Straits

The warnings come as President Donald Trump takes a hard-line stance amid the 33-day conflict.

On Monday, Trump warned Iran that the U.S. could destroy its key infrastructure, including wells and power plants, if the Strait of Hormuz is not reopened immediately.

While Trump expressed optimism about ongoing talks with Iran’s new regime to halt military operations, he cautioned that failing to reach a deal soon would carry severe consequences. He resurfaced a 1987 interview where he suggested the U.S. should “grab” and “keep” Iranian oil installations if attacked.

Refiner Stocks Benefit from Energy Crunch

As the war enters its 33rd day, energy markets are reacting sharply. U.S. gasoline crossed $4 per gallon on Tuesday, while the 3-2-1 crack spread hit approximately $47 per barrel.

The VanEck Oil Refiners ETF (NYSE:CRAK) has risen for 14 consecutive weeks. Pure-play refiners like PBF Energy Inc. (NYSE:PBF) and Valero Energy Corp. (NYSE:VLO) continue to see significant gains as they act as a global backstop for fuel supplies.

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