JPMorgan: Oil Prices Could Hit $120 Per Barrel

JPMorgan Chase has warned that Brent crude oil prices could spike to $120 per barrel if a full-scale conflict in the Middle East leads to a sustained disruption of oil flows through the Strait of Hormuz, estimating that Gulf producers can only sustain normal production for roughly 25 days if the Strait is completely blocked, after which saturated storage would force a total shutdown of regional production. Oil prices were surging on Monday, with Brent crude for April delivery up 8.7% to trade at $79.28 per barrel at 9.00 am ET while the corresponding…