JPMorgan: Immediate EU Ban On Russian Oil Could Send Prices To $185

Oil prices could shoot up to a record $185 per barrel if the European Union acts to impose a full immediate ban on imports of Russian oil, JPMorgan says. The EU has started tentative discussions on potentially imposing an embargo on Russian oil, but the bloc is still split on a ban on Russian energy imports. The biggest European economy—Germany—continues to resist an immediate oil embargo for now, saying an oil ban would plunge Germany, and Europe, into a deep recession. Germany, Hungary, and Austria, as well as some other EU members,…