JP Morgan says oil could hit US$120 / barrel if Russia's crude exports are disrupted

Recapping a note from JPM earlier this week.

Note from Tuesday US time from JP Morgan oil analysts outlining some scenarios amidst Russia - Ukraine - US - Europe tensions.

Such is the fundamental market tightness in oil today that under a best-case scenario in which tensions between Russia and Ukraine de-escalate, the oil price would likely merely drop to $84 bbl.
But any disruptions to oil flows from Russia in a context of low spare capacity in other regions could easily send oil prices to $120 bbl.
A halving of Russian oil exports would likely push the Brent oil price to $150 bbl,

Currently, JPM Brent crude oil forecasts are

$84 /bbl for 1Q this year

$89 by 4Q 2022

For WTI the forecast is for