An immediate embargo on Russian oil could send prices soaring, the bank says The price of oil could soar if the European Union abruptly bans Russian crude from its energy markets, JPMorgan said on Tuesday in a note seen by Business Insider. According to the investment bank, a full and immediate embargo would displace four million barrels of Russian oil per day, sending the benchmark Brent crude to $185 a barrel. Such a ban would leave “neither room nor time to re-route [supplies] to China, India, or other potential substitute buyers,” JPMorgan said. “In a slower phase-out, Russia would have more time to adjust its
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