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JPMorgan: Oil Prices Could Hit $120 Per Barrel
By Alex Kimani - Mar 02, 2026, 8:59 AM CST- JPMorgan Chase projects Brent crude could hit $120 per barrel if a full-scale Middle East conflict results in a sustained disruption of oil flows through the Strait of Hormuz.
- Oil prices surged significantly after US and Israeli military forces killed Iran’s Supreme Leader during "Operation Epic Fury," which targeted missile infrastructure and senior leadership.
- The Strait of Hormuz is experiencing a de facto closure, with traffic dropping 70% and major shipping lines suspending transits due to safety fears and a surge in war risk insurance premiums.
JPMorgan: Oil Prices Could Hit $120 Per Barrel | OilPrice.com
JPMorgan Chase warns that Brent crude oil prices could spike to $120 per barrel due to a sustained disruption of oil flows through the Strait of Hormuz following recent US and Israeli military action against Iran.











