The Globe and Mail reports in its Tuesday, April 7, edition that JPMorgan Chase and Co. chief executive officer Jamie Dimon warned on Monday that the war in Iran could lead to oil and commodity price shocks, keeping inflation high and pushing interest rates beyond current market expectations. A Reuters dispatch to The Globe reports that the warning came in an annual letter to shareholders, following President Donald Trump's threats against Iran if it does not reopen the Strait of Hormuz. Mr. Dimon also said the private credit sector "probably" does not pose a systemic risk, despite investors' recent moves to withdraw from such funds amid concerns that advances in artificial intelligence will hurt the underlying borrowers. "The challenges we all face are significant," Mr. Dimon added, citing geopolitical risks such as the war in Ukraine, broader hostilities in the Middle East and tension with China. "Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect." War-driven inflation worries have led markets to largely rule out interest-rate cuts this year.