After French Election Oil Pricewill Skyrocket

What was largely a theoretical modeling exercise until moments ago, is set to go live because Reuters reports that the EU is set to declare a full embargo on Russian oil after this weekend's French election:

EU GAS PRICE TO SHOOT UP AS EU TO DECLARE EMBARGO ON RUSSIAN OIL AFTER FRENCH ELECTION NEXT WEEK - SOURCE
Why wait until after the election to launch the embargo? Simple: Europe's bureaucrats are correctly terrified that the coming oil price spike to push the vote in Le Pen's favor, which is why Europe will wait until after the election (when Macron will supposedly be the next president of France) to announce it publicly.

Which brings us to the big question: if Europe follows through on its warning to expand sanctions to all Russian oil, what happens to the price? Well, according to JPMorgan, nothing good.

As JPM's commodity strategist Natasha Kaneva writes, she has reviewed various scenarios should Europe expand its sanctions to include Russian oil, and warns that "any immediate embargo measure taken by the European Commission will have a severe impact on the global oil market with risks to price entirely to the upside in the short-term." The Price could surge to 185 $ or even higher