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.