Tighter EU sanctions on Russian oil imports could lead to a further significant increase in the price of the commodity, pushing the "black gold" to new highs.

According to JPMorgan's forecasts, a total and immediate ban on oil imports from Russia could result in the reduction of more than four million barrels of oil per day, accelerating the escalation of Brent prices to $185 in a more aggressive scenario.

Quoted by Bloomberg news agency, analyst Natasha Kaneva also stresses that there would not be enough appetite or time to redirect these barrels to China and India.

Despite the more pessimistic prospects in a scenario of an abrupt break with Russia, the same official clarifies that a gradual reduction over four months would not have a significant impact on prices.

JPMorgan's central scenario, however, points to a reduction in Russian imports of around 2.1 million barrels per day by the end of the year. Already for this month, the outlook is for a drop in Russian exports in the neighborhood of 1.5 million barrels per day, 25% less than was initially anticipated.