Oil's shrug emoji era

And the award for honesty in oil market analysis goes to ... J.P. Morgan!"For the first time since the start of the Iran conflict, we don't have a baseline view. We simply don't know how to model the endgame," bank researchers said in a note (emphasis added).Why it matters: While the phrasing is unusually blunt, the sentiment is shared to varying degrees.Market watchers have come to grips with the likelihood that the status of the Strait of Hormuz — and the number of barrels getting through — will be messy for months to come.The big picture: At the outset of the Iran war, J.P. Morgan's "Oil Ma