For all the concern about climate change – a worry he shares – JPMorgan Chase & Co.’s chief executive said the world’s current and foreseeable energy needs cannot be met without natural gas and oil.

JPMorgan’s Jamie Dimon said Russia’s war in Ukraine amplified the significant role of both energy sources. He noted the surge in European demand for imports of U.S. LNG and other sources of liquefied natural gas following the onset of the conflict in February. The continent’s demand for oil from sources outside of Russia also jumped amid Western sanctions against the Kremlin in protest of the war.

By removing from the European market only some oil and gas from a key producer – Russia – demand for the fuels from other countries soared, punctuating the fuels’...