Risk of $5 Gas ‘Can No Longer Be Dismissed,’ JPMorgan Says

US gasoline prices have a legitimate chance of rising to $5 a gallon as refiners prioritize jet-fuel production at the expense of other products, according to analysts at JPMorgan Chase & Co.

While Brent crude prices have averaged about $100 since the war in Iran began, the shocks are “increasingly being pushed down the barrel, out of crude and into refined products” such as jet fuel and diesel, analysts led by Natasha Kaneva wrote in a Friday note. If refinery runs remain constrained, crude may plausibly stay around $100, while fuel prices continue to rise, they said.