Analysts at JPMorgan have warned that a full and immediate ban on Russian oil imports into the European Union could drive the price of crude up to $185 per barrel.
Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan, said in a note cited by Bloomberg that if the E.U. decides to expand its limited embargo on Russian oil under a new round of sanctions against Moscow, the price of Brent crude could soar by around 65 percent.
JPMorgan’s dire price prediction comes as energy prices have faced upward pressure in the wake of the Russia-Ukraine conflict.
Brent crude was trading at $107.79 per barrel at 6:25 a.m. New York time, down from a recent high in early March of around $127 per barrel.
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