JPMorgan CEO Warns Inflation Could Soar After US-Israel Strikes on Iran

Dimon says inflation could be a 'skunk at a party' as conflict raises concerns over supply constraints and volatility

Published on Mar. 2, 2026

Got story updates? Submit your updates here. ›

JPMorgan Chase CEO Jamie Dimon warned that inflation could be worse than expected following the recent US and Israeli air strikes on Iran, which have led to a surge in oil prices and increased market volatility. Dimon said there is a risk that 'more inflation than people think' could emerge, likening it to a 'skunk at a party' if it happens. He acknowledged the strikes could lead to cyberattacks or terrorist threats, but emphasized the importance of maintaining peace and democracy in the Middle East.

Why it matters

The conflict with Iran has reignited concerns about the trajectory of inflation, which had shown signs of slowing. Dimon's warnings highlight the potential economic fallout from the escalating tensions, which could impact consumers through higher gas prices and broader market instability.

The details

Dimon's comments came during an interview at JPMorgan's annual conference in Miami. He noted that while inflation slowed to 2.4% in January, wholesale inflation rose 2.9% - much hotter than expected. The attacks on Iran and their impact on gas prices have revived worries about persistent inflation. Dimon said the conflict 'will increase gas prices a little bit' and that a prolonged conflict 'would be different' in terms of the inflationary impact.

  • The US and Israeli air strikes on Iran occurred over the weekend prior to Dimon's comments on Monday.

The players

Jamie Dimon

The CEO of JPMorgan Chase, one of the largest banks in the United States.

Ayatollah Ali Khamenei

The Supreme Leader of Iran, who was killed in the air strikes.

Donald Trump

The former President of the United States, who has filed a $5 billion lawsuit against JPMorgan Chase.

Got photos? Submit your photos here. ›

What they’re saying

“There's some risk there's more inflation than people think, and that could be like a skunk at a party if that ever happens.”

— Jamie Dimon, CEO, JPMorgan Chase (CNBC)

“The most important thing is that we keep the Western world free and safe for democracy. And people like this have gotten away literally with murder for 50 years, that's far more important.”

— Jamie Dimon, CEO, JPMorgan Chase (CNBC)

What’s next

The potential impact of the conflict with Iran on inflation and the global economy will continue to be closely monitored in the coming weeks and months.

The takeaway

Dimon's warnings highlight the significant economic risks posed by the escalating tensions between the US, Israel, and Iran, underscoring the need for policymakers to carefully navigate the situation to mitigate the potential fallout on inflation, energy prices, and broader market stability.