The fact that the US is a net exporter of certain fuels does not mean that its economy will not be severely impacted by rising global energy costs due to the conflict in Iran, despite the current ceasefire.

This is one of many things Michael Sebalest, head of market and investment strategy at JP Morgan Asset & Wealth Management, points out in his latest report.

The analyst began his latest report with a summary of U.S. military successes in the five weeks since the start of the conflict in Iran. However, despite U.S. success in achieving a significant reduction in Iranian missile and drone attacks, and despite the ceasefire in place in the region, he said that headlines about the conflict were a horror story.