Will Brent Crude Reach $120? JPMorgan's Warning on Middle East Conflict & Hormuz Strait

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JPMorgan Warns: Brent Crude Could Hit $120 Amid Middle East Escalation, Hormuz Crisis

JPMorgan Warns: Brent Crude Could Hit $120 Amid Middle East Escalation, Hormuz Crisis

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CNBC Awaaz•03-03-2026, 11:53

JPMorgan Warns: Brent Crude Could Hit $120 Amid Middle East Escalation, Hormuz Crisis

•JPMorgan Chase warns Brent crude could reach $120/barrel if Middle East conflict escalates and Strait of Hormuz closes.
•Oil prices jumped 8-9% on Monday following US-Israel operation and Iran's retaliatory attacks.
•A 'de facto closure' of the Strait of Hormuz is occurring, with 70% traffic drop, rerouting of tankers, and increased war risk insurance.
•The Strait of Hormuz is critical, handling 20% of global daily oil consumption; its closure would disrupt global supply chains.
•For India, $100-120 Brent crude means higher import bills, rupee pressure, and accelerated inflation.

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