Oil Could Surge to $185 a Barrel If EU Bans Russian Crude: JPMorgan

Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, on Oct. 13, 2017. Regis Duvignau/Reuters

Analysts at JPMorgan have warned that a full and immediate ban on Russian oil imports into the European Union could drive the price of crude up to $185 per barrel.

Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan, said in a note cited by Bloomberg that if the E.U. decides to expand its limited embargo on Russian oil under a new round of sanctions against Moscow, the price of Brent crude could soar by around 65 percent.