JPMorgan Private Bank says the US economy can withstand surging oil prices because gas prices as a percentage of disposable income remain near a historic low. Oil prices have jumped back above $100 a barrel, with Brent crude surpassing $100 for the first time since July and trading around $107 on Tuesday, while West Texas intermediate crude hovered around $103. The stock market is also showing resilience in the face of the oil shock, the bank noted. The $100 mark has been a key threshold during the Iran war, with oil fluctuating above or below it as peace hopes have varied.
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