Oil prices have risen due to tight supplies and economic concerns over $100 oil.

OPEC+ output cuts, Saudi Arabia’s production restraints, and Russia’s export restrictions have increased prices.

JPMorgan economists warned that supply cuts could push Brent crude to $120 per barrel, causing the global economy to slow to a near stall next quarter.

If oil prices remain high, JPMorgan predicts global GDP to suffer by 0.5% over two quarters.

Goldman Sachs economists have lowered their GDP prediction slightly due to rising energy prices.