The Iran War Drags On With No End In Sight. JPMorgan Is No Longer Forecasting When.

JPMorgan is no longer forecasting when the Iran war could end, according to a new note.

"For the first time since the start of the Iran conflict, we don't have a baseline view," said the bank's head of global commodities strategy, Natasha Kaneva, according to CNBC. "We simply don't know how to model the endgame," she added.

The bank believed at the beginning of the conflict that different scenarios would force President Donald Trump to reach an agreement that would reopen the Strait of Hormuz by June. They included oil prices above $100, gas near $5 per gallon and the 10-year Treasury yield above 5%.

"Six months later, many of those lines have been crossed, yet the exit strategy is less clear, not more," Kaneva said.

President Donald Trump told Axios on Thursday that he is approaching a key moment in the war. "Do I want to go in and annihilate them or do I not? It's a big decision. Anything could happen with me," he said.

Trump went on to say he wants to use next week's UN General Assembly to discuss next steps with regional allies. "I want to find out where they are and how they are doing. We have been very protective of them."

Trump also said on Wednesday that Iran wants to "make a deal" and "hopefully we're toward the end of the war."

However, the war shows no signs of abating. The Pentagon's Inspector General said in a new report this week that "hundreds of buildings and structures" at U.S. bases in the region have been damaged or destroyed, as well as "dozens" of U.S. aircraft.

Shortly after, CBS News published images showing the extent of some of that destruction. The outlet noted that it got the images from active service members on the condition of anonymity because of media restrictions within the military.

"This is major damage to our bases that hasn't been communicated to the American public," one deployed service member told the outlet. "We're standing there with our eyes closed getting punched in the face."

The report by the Pentagon's Inspector General detailed that equipment losses climbed to about $3.7 billion, including almost 60 aircraft.

U.S. actions have also "resulted in strategic inventory shortfalls and revealed industrial base bottlenecks for munitions resupply," the report said.

In this context, more Republicans joined Democrats in support of the latest bill seeking to force the end of the war this week.

Concretely, seven members of the GOP joined Democrats in voting to pass the bill, compared to four in the last vote.