In JPMorgan Chase CEO Jamie Dimon’s annual shareholder letter, he recaps the successes and challenges that both his bank and the U.S. as a whole have seen over the past year and offers commentary and suggestions about what is to come. And not surprisingly, he mentions the war in Iran as a major issue for the future of the U.S. economy. War, Dimon writes, is “the realm of uncertainty,” which can have an impact on nations and economies that aren’t even involved in the conflict.

The war in Iran has brought oil and commodity price shocks—and could bring more, Dimon writes. This conflict has the potential to reshape global supply chains, create stickier inflation, jack up interest rates, and keep geopolitical tensions high, he writes.

“The outcome of current geopolitical events may very well be the defining factor in how the future global economic order unfolds — then again, it may not,” Dimon’s letter states.

One thing is clear: The future is uncertain. And in times of uncertainty, EY-Parthenon found that the companies best able to maintain revenues are those that have invested in a resilience strategy. I spoke with EY-Parthenon Global and Americas Corporate Finance Leader Josh Putnam about how to put this kind of strategy into action. An excerpt from our conversation is later in this newsletter.

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Many aspects of the war in Iran are somewhat uncertain to many Americans, but this much is apparent: the stock market, investors and consumers want it to be over. Last Tuesday, the markets saw their best day in almost a year because President Donald Trump told the New York Post that U.S. military forces wouldn’t need to be in Iran much longer, saying later that day that the war would only last two or three more weeks. The markets have dropped since, especially this morning, after Trump has said Iran’s peace proposal was “not good enough” and warned “a whole civilization will die tonight, never to be brought back again” if the Strait of Hormuz is not passable by tonight.

Consumers are definitely feeling the price of the war. Forbes senior contributor Mayra Rodriguez Valladares looks at how the prices of food, natural resources and gasoline have increased since the war began in late February, potentially leading already wary consumers to cut back even more. The pain is most obvious at the gas pump, where average prices crossed the $4 per gallon mark in the last week, and are at $4.14 today, according to AAA. Analysts caution that if gas prices stay above $4 a gallon at this time of year, people may decide to pull back on summer vacation plans, curtailing significant economic activity in the second half of the year.

Still, consumer confidence was up in March, according to the Conference Board’s monthly report, increasing to 91.8 from 91 in February. The increase in confidence is short-term, with more people saying jobs were “plentiful” in March and that business conditions were better. And at first glance, the federal jobs data from March falls in line with that viewpoint. The U.S. added more jobs last month........

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