JP Morgan Makes Dire Prediction on Future Oil Prices

A sign outside a petrol station shows the price of petrol breaking through the two Australian dollar (1.46 USD) a litre mark in Melbourne, Victoria, on March 3, 2022. William West/AFP via Getty Images

Analysts with JP Morgan Chase said the price for a barrel of oil could more than triple if Russia decides to cut its output amid record-high gas prices.

The current price for a barrel of oil stands at around $110, but that could increase to a “stratospheric” $380 per barrel if Russia acts to cut output, JP Morgan’s analysis wrote in a note, according to Bloomberg News.