J P M O R G A N Global Markets Strategy 11 September 2025 Oil Markets Weekly Beware the Ides of September Beware the Ides of September Oil rose 2% this week to $67, as renewed geopolitical tensions—stemming from an Israeli airstrike on Hamas leaders in Qatar on Monday and NATO planes shooting down Russian drones deep inside Poland on Wednesday—reintroduced a modest geopolitical risk premium to the market. Oil received further support from President Trump's latest tariff threats against Russian crude buyers, ...