The MEP may be confusing actual market prices with JPMorgan's forecasts, which predicted oil COULD hit $120 in a scenario of full-scale Middle East conflict, not that it had actually reached that level.
J.P. Morgan's 2026 forecast actually predicted Brent crude would average around USD 60/bbl for the year.
The actual Brent crude price on the date of the speech (March 25, 2026) was USD 99.8, approximately 20% lower than claimed.
Sources
PrimaryJ.P. Morgan Global ResearchJ.P. Morgan Global Research expects to see Brent crude averaging around USD 60/bbl in 2026
SecondaryPintuWorld oil prices per barrel on Wednesday, March 25, 2026: Brent at USD 99.8 and WTI at USD 88.9
SecondaryFortuneAt 8:30 a.m. Eastern Time on March 20, 2026, oil was priced at USD 107.40 per barrel (Brent)
SecondaryOilPrice.comJPMorgan Chase projects Brent crude COULD hit USD 120 per barrel IF a full-scale Middle East conflict results in sustained disruption