Oil prices have skyrocketed, with Brent crude approaching $120 earlier Thursday. Brent crude could end the year at $185 a barrel if Russian supply continue to be disrupted, JPMorgan Chase & Co wrote in a note Thursday. Oil prices have skyrocketed, with Brent crude approaching $120 earlier Thursday as traders shun Russian oil after Moscow invaded Ukraine. U.S. President Joe Biden is facing calls to ban Russian imports of energy but so far has not imposed full blown sanctions on oil. Currently, 66% of Russian oil is struggling to find buyers, JP Morgan analysts including Natasha Kaneva said in the note. In the short term, the scale of the supply shock is so large that oil prices need to reach and stay at $120 a barrel for months to incentivize demand destruction, the analysts said, assuming there would be no immediate return of Iranian crude barrels. “As sanctions have […]