Oil could hit $150 in Q1 on Russia conflict tensions…

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  • Brent oil could soar to $150 if a supply shock materializes from Russia-Ukraine tensions, JPMorgan said Friday.
  • A surge to $150 a barrel would be a 100% jump from the $75 average price in Q4 2021.
  • Russia for weeks has been amassing thousands of troops at Ukraine’s border.

International oil prices could soar to $150 a barrel during the first quarter of 2022 if an ongoing conflict between Russia and Ukraine leads to a supply shock, economists at JPMorgan said Friday.

The projection arrived as Brent oil so far this year has leapt about 12%, trading at near seven-year highs as strong demand for the commodity is outstripping global supply. Brent during Friday’s session fetched close to $88 a barrel.

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