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Why Jamie Dimon is optimistic about peace in the Middle East

24 de Março de 2026, 14:58
A man in a suits speak.
"There's so many things moving out there, from deficits to geopolitics, to trade. It's complex, and something can go wrong," JPMorgan CEO Jamie Dimon said of the market.

Noam Galai via Getty Images

  • Jamie Dimon said he remains optimistic about the future of the Middle East, despite the war in Iran.
  • The JPMorgan CEO said surrounding countries are all aligned in wanting peace.
  • He tied peace to foreign investment in the region, where certain cities have become financial hubs.

While the war in Iran poses short-term risks because of its uncertainty, Jamie Dimon thinks the conflict might ultimately create more long-term peace.

The JPMorgan CEO said on Tuesday that he remains optimistic about the region's future, despite the war in Iran.

"Saudi Arabia, the UAE, Qatar, America, Israel, all want permanent peace in the Middle East," he said at the Hill and Valley Forum in Washington, DC, adding that Israel should do more toward beginning to set up a "rational" Palestinian state. He said that the countries' attitudes toward peace have evolved over the past decades.

Investment, he said, is a key driver.

"You know what they all want, too, when you go there? Foreign direct investment. There's a lot of foreign direct investment going there, but it won't go there if things like this are taking place," he said. "So I think they realize they need permanent peace."

Major cities in the UAE, including Dubai and Abu Dhabi, have emerged as financial hubs in recent years, attracting investors.

"They can't have neighbors lobbing ballistic missiles into their data centers, thinking that people would put $10 billion in a data center," he added.

President Donald Trump said on Monday that he'd had "productive conversations" with Iran about ending the war, sending stocks soaring, but Iranian state media denied that the talks had taken place. Some market pros have said there might not be an easy off-ramp for the conflict.

Data centers, a growing focus of global investment, have also become targets in the war, now well into its third week. Amazon said that drone strikes had damaged three of its data centers in the region earlier this month.

"Data centers have become the new infrastructure for economies," James Lewis, senior advisor at the Center for Strategic and International Studies, told Business Insider in early March. "If you think about how people are going to build infrastructure, before it was railroads and steam engines. Now it's data centers and fiber optics."

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Work from home and cut frivolous journeys: What countries are telling people to do as oil prices spike

Fuel pump
The AAA said that prices

Dan Kitwood/Getty Images

  • Nations across the world are taking steps to mitigate the impact of oil price spikes.
  • These include flexible working arrangements and reducing non-essential journeys.
  • Countries heavily reliant on Middle Eastern oil are particularly vulnerable to the war's impact.

Governments around the world are urging people to cut back on energy use amid surging oil prices.

Brent crude, the global benchmark, has climbed above $100 a barrel for the first time since 2022 and has held there for nearly two weeks.

The spike follows violent attacks on ships in the Strait of Hormuz since the outbreak of the Iran war and strikes on gas-related infrastructure, raising fears of prolonged disruptions to a route that carries roughly 20% of the world's supply chain.

In response, countries are rolling out measures to conserve fuel and protect domestic supplies. Thailand, for example, has said it will halt fuel exports to maintain its own energy demands, while other countries are asking citizens to pare back their consumption.

Here are some of the steps governments and international organizations are telling people to take.

International Energy Agency
The International Energy Agency logo is displayed on a phone with a blue reflection in the background.

Jonathan Raa/NurPhoto via Getty Images

The International Energy Agency, one of the world's most important energy groups, has issued 10 measures it says governments, businesses, and consumers can take immediately to help ease the impact of disruptions in oil markets.

These include working from home, avoiding air travel, and encouraging the use of electric cooking equipment.

Other steps include reducing highway speed limits by at least six miles per hour, car sharing, cutting air travel, and using public transport more.

The IEA said in the report that "the demand-side measures highlighted in the report cannot match the scale of disrupted supply."

However, it said "they can play a meaningful role in lowering costs for consumers, reducing markets strains and preserving fuels for essential uses until normal flows resume."

Philippines
Philippine President Ferdinand Bongbong Marcos, Jr shakes hands with a man while walking down a red carpet.

Philippine Presidential Com. Office/Anadolu via Getty Images

The Philippines has taken several measures in order to bring down energy use, including a four-day workweek for government staff and orders to cut the use of electricity and fuel costs in government agencies.

Government offices were told in early March to implement flexible working arrangements where practical, turn off lights and computers during lunch breaks, and adjust air conditioning unit thermostats to no lower than 75 degrees.

President Ferdinand Marcos Jr. said in a video message that the four-day workweek would be temporary and does not include emergency services.

"With the expected global oil price increase, the government is preparing measures to reduce its impact on Filipino families," the Facebook caption for the video said.

The Philippines is vulnerable to disruptions caused by the conflict, as it "relies on the Middle East for almost 90% of its oil supply," according to ING Think.

On March 18, Marcos said that the country is seeking alternative sources of petroleum products and asked the public not to worry.

"We are trying to find different methods to provide subsidies to give assistance," said Marcos in a press address. "The problem is that oil prices are very volatile. We can't anticipate them. So we are still adjusting right now."

Australia
Sydney skyline
Australia

Claudio Galdames/Anadolu via Getty Images

While no official rationing has been implemented in Australia, local media in at least two of the country's states reported that some fuel stations had begun limiting the amount of fuel customers can buy.

In comments to the media on Monday, March 9, Australia's energy minister Chris Bowen said that there is no shortage of fuel in Australia, but there are "some supply chain issues which are really being caused by a spike in demand of people seeking to buy extra diesel."

United Kingdom
A hydrogen powered commercial vehicle used by the AA is parked on grass while on display at a Fully Charged live show.
The AA provides breakdown cover, as well as finance, insurance, leisure and lifestyle services, in the UK.

Ian Forsyth/Getty Images

The president of the AA, the UK's largest motoring organization, advised drivers on Monday, March 9, that although they "should not change their refuelling habits," they could "consider cutting out some non-essential journeys and changing their driving style to conserve fuel."

Edmund King, AA's president, added: "Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.

"There will be gradual increases in pump prices, but this shouldn't happen overnight as fuel has been purchased at previous prices."

Keir Starmer, the UK prime minister, said that the government would support citizens during the oil price spike.

"No matter the headwinds, supporting working people and their families with the cost of living is always top of my mind," he said.

Thailand
Anutin Charnvirakul
Thai Prime Minister Anutin Charnvirakul

Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Prime Minister Anutin Charnvirakul urged citizens not to stockpile fuel. His comments came after long lines formed at gas stations across the country last week.

In early March, Anutin and the country's energy minister gave assurances that the diesel price would be capped for at least 15 days. He said that the Commerce Ministry was closely monitoring oil prices to prevent customer exploitation.

"Stockpiling fuel is dangerous. If you store it at home, it could accidentally cause fire — it could lead to all sorts of problems," he said. "There is no need to do that today."

India
A delivery staff carries a liquefied petroleum gas (LPG) cylinder at a distribution centre in Amritsar, India.

Narinder NANU / AFP via Getty Images

The Indian government invoked emergency powers on March 10 to divert liquefied petroleum gas supplies away from industrial users and toward households.

This was an expansion of previous measures. On March 9, India had ordered oil refineries to produce more LPG and said it was prioritizing that supply for households.

India's Ministry of Petroleum and Natural Gas said in a tweet on Monday that non-domestic supplies from imported LPG were being prioritized for essential sectors, such as hospitals and educational institutions.

Vietnam
Motorbike drivers wait in a line to pump gasoline into their vehicles at a blue gas station in Hanoi.

Nhac NGUYEN / AFP via Getty Images

Vietnam has urged local businesses to encourage employees to work from home in order to save fuel.

This comes after the country said it would remove tariffs on fuel imports.

Pakistan
Worker fills up the petrol tank of a white car while facing toward the pump.

Muhammed Semih Ugurlu/Anadolu via Getty Images

Pakistan has ordered measures to conserve fuel and reduce government spending, including implementing a four-day work week, having half of public sector employees work from home, and closing schools for two weeks.

Other measures include a pause on salaries for cabinet ministers and cutting government spending by 20%, Prime Minister Shehbaz Sharif announced on March 10.

Sri Lanka
tktk
tktk

Ishara S. KODIKARA / AFP via Getty Images

Sri Lanka has made Wednesdays a public holiday to conserve fuel as the country braces for potential fuel shortages, according to the BBC.

"We must prepare for the worst, but hope for the best," President Anura Kumara Dissanayake said on March 9.

The shortened workweek will apply to schools and universities, but "essential" services like hospitals will keep the lights on.

Denmark
Gasoline prices at a Uno-X gas station in Copenhagen, Denmark, on March 9, 2026. Stock markets plunge on Monday as oil and gas prices soar on fears about supplies from the Middle East, with the US-Israeli war against Iran continuing into a second week with no sign of letting up. (Photo by Kristian Tuxen Ladegaard Berg/NurPhoto via Getty Images)

Kristian Tuxen Ladegaard Berg/NurPhoto via Getty Images

Denmark is urging citizens to reduce fuel.

"What the Danes should please, please, please do is that if there is any energy consumption that you can do without, if it is not strictly necessary to drive the car, then don't do it," Lars Aagaard, Denmark's energy and utilities minister, said during an interview with a local broadcaster on Wednesday.

"Firstly, it can be felt in the private wallet, and secondly, it can help stretch our reserves so that they last longer," Aagaard added.

Bangladesh
Vehicles queue at a fuel station, as concerns grow over fuel supplies following U.S.-Israel conflict with Iran, in Dhaka

Mohammad Ponir Hossain/REUTERS

Bangladesh's university students just got an early start to their Ramadan holidays, thanks to fuel conservation measures.

The country announced by mid-March that main colleges could cancel classes until later in the month. The government has shut down campuses completely to save electricity and has started imposing temporary blackouts for other facilities.

Egypt
This photograph taken on August 20, 2022 on Shobra Benha free highway in Qalyubia governorate of the Nile Delta outskirt of Cairo, Egypt, shows a petrol station at night. (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images)

KHALED DESOUKI/AFP via Getty Images

Egypt is enforcing some lifestyle changes to conserve gas and oil.

For a country that is used to shopping and dining well into the night, malls, restaurants, and retailers are being asked to shut down at 9 p.m. on weekdays starting on March 28.

The country also announced plans to turn off illuminated billboards and reduce public lighting, and to close government buildings by 6 p.m.

Spain
A woman refueling gasoline at a Plenergy low cost gas station in Madrid.
A woman refueling gasoline at a Plenergy low cost gas station in Madrid.

Marcos del Mazo/LightRocket via Getty Images

Spain's government has approved a $5.8 billion aid package to ease the economic effects of the war in the Middle East, Bloomberg reported.

The plan includes reducing VAT on electricity and gas from 21% to 10%, slashing the special electricity tax from 5% to 0.5%, and suspending the tax on electricity production, Prime Minister Pedro Sánchez said.

A subsidy of 20 cents per liter of fuel is being introduced for transport operators, farmers, and fishmongers, while the government will cover 80% of the electricity-grid charges for energy-intensive industries.

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US Navy destroyers are firing top interceptors to bring down Iranian missiles flying into NATO airspace

13 de Março de 2026, 12:22
A Standard Missile -3 Block IIA, or SM-3 Blk IIA, is launched from US Navy Arleigh Burke-class guided missile destroyer USS McCampbell (DDG 85) off the coast of the Pacific Missile Range Facility, Hawaii, during Flight Test Other-23 or FTX-23, February 8, 2024.
The US Navy has used SM-3s on three occasions to defend Turkish airspace over the past two weeks.

US Missile Defense Agency photo

  • A US Navy destroyer used an SM-3 interceptor to down an Iranian ballistic missile on Friday.
  • It's the third time in two weeks that a Navy destroyer used the SM-3 to defend NATO airspace.
  • SM-3s are among are top missile interceptors, but they come with a hefty price tag.

US Navy destroyers operating in the Eastern Mediterranean Sea have been launching SM-3s — among America's most high-end interceptors — to defend NATO airspace against incoming Iranian ballistic missiles.

On Friday, the Arleigh Burke-class destroyer USS Oscar Austin fired at least one SM-3, or Standard Missile-3, interceptor to bring down an Iranian ballistic missile in Turkish airspace, a defense official told Business Insider.

It marked the third time since February 28, when the US and Israel started striking Iran, that a Navy destroyer has used an SM-3 to down an Iranian missile in Turkish airspace, said the official, who spoke on the condition of anonymity to discuss military developments.

Turkey's national defense ministry said earlier that NATO air and missile defense assets deployed to the Eastern Mediterranean intercepted the Iranian missile. There were no casualties or injuries, although debris fell in the southern city of Gaziantep.

Turkey hosts several important bases for American and NATO forces, including Incirlik and Konya air bases, and an Iranian strike against those facilities could trigger a significant escalation in a war that has already spread across the Middle East.

The Oscar Austin is one of three American destroyers currently positioned in the Eastern Mediterranean. The use of SM-3 interceptors comes amid broader air defense operations across the Middle East. The US and its allies in the region have shot down thousands of Iranian missiles and drones since the start of Operation Epic Fury less than two weeks ago.

The Arleigh Burke-class guided-missile destroyer USS Paul Ignatius (DDG 117) successfully fired its second Standard Missile-3 (SM-3) interceptor to engage a ballistic missile target during exercise At-Sea Demo/Formidable Shield, May 30, 2021.
The SM-3 can engage targets in space, unlike the Navy's other interceptors.

US Navy photo

The SM-3 uses a kinetic kill vehicle to destroy short- to intermediate-range missiles during the midcourse phase of flight. It can engage targets in space, unlike the Navy's other interceptors, and is outfitted on Arleigh Burke-class destroyers and Ticonderoga-class cruisers.

There are multiple variants of the SM-3, manufactured by US defense giant RTX and, for the latest variant, Mitsubishi Heavy Industries.

US destroyers first used their SM-3s in combat in April 2024 to defend Israel from an Iranian missile attack, and the US Navy fired them again several months later in October after another barrage from Tehran.

These interceptor missiles don't come cheap, though. The SM-3 Block IB variant, for instance, is estimated to cost roughly $10 million on the low end, while the newer Block IIA costs around $28 million.

It's unclear how many SM-3s the Navy has expended during combat in the Middle East. Air defense doctrine can call for firing at least two interceptors for each incoming missile, so the bill for the latest engagements above Turkey could already be substantial.

Navy leadership has warned in recent years that the US has been firing its SM-3s at an alarming rate. Service officials have warned that they need a lot more of these interceptors to counter threats in the Pacific, such as China and its theater ballistic missiles.

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