US lawmakers urged the Biden administration on Thursday to end US imports of Russian oil, in addition to earlier sanctions on Russian oil refiners. The White House has said a block on Russian oil is possible, but has signaled it isn't yet ready to act. Currently, about 66% of Russian oil is struggling to find buyers, JPMorgan analysts said in a note Thursday. The bank estimates that crude prices could skyrocket nearly 70% from current levels to $185 by the end of the year if Russian oil demand remains disrupted. "I would be surprised if upward pressure on oil prices doesn't resume unless something fundamentally improves," he added.

Source: Economic Times September 28, 2022 03:02 UTC