JP Morgan predicts oil could hit a record $185 a barrel by the end of 2022 if disruption to Russian exports lasts that long although along with most analysts polled by Reuters the bank expects a yearly average price below $100
Brent crude futures rallied to $118.12 a barrel, the highest since August 2013, up by over $5. US West Texas Intermediate crude was at $113.01 a barrel, up $2.41 after touching a fresh 11-year high of $113.31 a barrel.
Brent crude futures rose as high as $118.22 a barrel, the highest since February 2013. The contract was at $116.60 a barrel, up $3.67, or 3.2%, by 0415 GMT.
Oil breached $100 a barrel for the first time since 2014 on Thursday as Russia moved troops into Ukraine, sparking concerns that a war in Europe could disrupt global energy supplies.
Russia-Ukraine crisis: Crude oil prices soar past $100 a barrel for first time since 2014 - Brent crude oil surged to a high of $102.48 per barrel on Thursday, the highest level since September 2014.