Oil prices could soar to $120 a barrel if Russia's crude exports are derailed by tensions with Ukraine, according to projections from JPMorgan.
The forecast underscores how a potential invasion of Ukraine would cause wide-ranging ripple effects that would be felt by inflation-weary consumers around the world."Any disruptions to oil flows from Russia in a context of low spare capacity in other regions could easily send oil prices to $120," Natasha Kaneva, JPMorgan's head of global commodities strategy, wrote in the report published late Tuesday.
Secondly, Western powers could seek to punish Russia by imposing sanctions that cripple the country's energy exports, although US officials have signaled a preference for penalizing other sectors of its economy first.And then there is the risk that Russian President Vladimir Putin retaliates by weaponizing exports of oil and natural gas. Higher natural gas prices in Europe would drive up oil demand as factories and power plants switch to oil instead.
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