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Oil May Skyrocket To $185 Per Barrel

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JP Morgan recently issued a stark warning.

The diversified financial services company claims that the price of crude oil may skyrocket to $185 per barrel if the E.U. follows through on its ban of Russian oil.

Germany previously halted the construction of the Nordsream 2 pipeline in an effort to sanction Russia over the invasion of Ukraine. However, none of the sanctions have swayed Russia from its current course.

While the E.U. has not yet made official plans abruptly ending the import of Russian oil, such contingencies have been floated, and we may or may not see this become a reality in the coming months.

Here’s what we currently know:

The Epoch Times reports:

Head of the European Commission Ursula von der Leyen told German newspaper Bild am Sonntag in an interview published Sunday that the sixth round of sanctions could target Russia’s largest bank, Sberbank, as well as oil.

“What should not happen is that [Russian President Vladimir] Putin collects even higher prices on other markets for supplies that would otherwise go to the E.U.,” she was quoted as saying.

“The top priority is to shrink Putin’s revenues,” she added.

 

According to Yahoo Finance:

A full and immediate embargo would displace 4 million barrels per day of Russian oil, sending Brent crude to $185 a barrel as such a ban would leave “neither room nor time to re-route [supplies] to China, India, or other potential substitute buyers,” the investment bank said in a note.

 

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