If the European Union is serious about squeezing Russian oil, it may need to brace for some pain. A full and immediate ban could displace more than 4 million barrels a day of supplies -- propelling Brent prices up by around 65% to $185 a barrel, JPMorgan warns. And there wouldn’t be enough appetite or time to re-direct the barrels to China and India, analyst Natasha Kaneva says. However, a gradual phase-out over about four months, similar to the approach taken with Russian coal supplies, could be pulled off without significantly disturbing prices, Kaneva adds. The bank’s main scenario is much more conservative, ... (full story)