JPMorgan: Oil could hit $185 by 2022 end

JP Morgan chase has estimated that Brent crude could end this year at $185/barrel if Russia supplies shortage continued.

Oil prices have skyrocketed recently with Brent crude near $120 a barrel on Thursday because 66% of Russian oil is struggling to find buyers after Moscow’s invasion of Ukraine.

Meanwhile, U.S. President Joe Biden is under more pressure to impose sanctions on Russian imports of energy, Natural gas & oil.

The bank’s analysts say that buyers shun Russian oil currently because of the war.

JP Morgan kept its estimates of Brent crude price at $110 a barrel in Q2, $100 a barrel in Q3, and $90 in Q4.