JPMorgan Chase CEO Jamie Dimon has warned that the U.S. and Israel's strikes against Iran could increase gas prices in the near future. Dimon emphasised the difference between a short engagement and a prolonged one, stating that if the military campaign in Iran were prolonged, it would be different if it continued for a long time. He also highlighted a broader mix of pressures keeping prices above the Fed's 2% target. The oil market reaction has been sharp but not catastrophic yet, with Brent crude rising by around 9% to around $79 a barrel and West Texas Intermediate by more than 7%. The bigger concern is the Strait of Hormuz, where 20% of the world's daily seaborne oil supply passes through. The Federal Reserve held rates steady at its January meeting, keeping the benchmark federal funds rate in the 3.5% to 3.75% range after three consecutive cuts.