JPMorgan Says $185 Oil Is in View If Russian Supply Hit Persists
- 66% of Russian oil is struggling to find buyers currently
- Oil prices have surged above $110 as buyers shun Russia output
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Brent crude could end the year at $185 a barrel if Russian supply continues to be disrupted, JPMorgan Chase & Co. wrote in a note Thursday.
Oil prices have skyrocketed, with Brent crude approaching $120 earlier Thursday as traders shun Russian oil after Moscow invaded Ukraine. U.S. President Joe Biden is facing calls to ban Russian imports of energy but so far has not imposed full blown sanctions on oil.