Dimon warns of 'oil shock'

Jamie Dimon's annual message to investors highlighted the severe risks posed by the unraveling global order and the specific threat of nuclear proliferation.

He cautioned that the U.S. economy remains resilient but is increasingly vulnerable to commodity price spikes caused by the closure of the Strait of Hormuz.

Dimon urged the government to strengthen economic ties with allies to avoid a recession or a period of stagflation.

The warning comes as other major financial institutions, including Westpac and Goldman Sachs, adjust their growth projections amid the prolonged Middle East conflict.