JPMorgan on Friday said global oil prices may jump further following a three-year record high.

Brent crude oil could surge to $80 a barrel if the U.S. and European Union reimpose sanctions on Iran and western powers expand Syrian civil war, JPMorgan strategists said in a note on Friday.

While this might be considered as a time to avoid cyclical assets, the U.S. corporate tax cut and consumers tax gift may provide an opportunity to profit from petrol assets.

“Risks we thought might materialize this summer through Iran sanctions are emerging somewhat more quickly due to events in Syria,” said the strategists.

Also, since the new Syrian attack is likely to have little to no effect on oil prices due to seven-year-long war that plunged the nation’s production capacity, it would take sanctions from the European Union and some Asian nations on Iran to significantly boost oil prices to $80. Even without sanctions, petrol assets in the U.S. would be attractive due to a possible increase in consumer spending following the tax cut.

However, shale producers could offset global oil deficit going forward. Still, JPMorgan strategists see a higher oil price that could last three to six months before the U.S. shale respond.

A higher oil price will further deepen Nigerian economic recovery and broaden growth that has limited business activities in the oil and financial sectors. While equipping the central bank with more dollar to sustain forex intervention.

Brent crude oil rose to $72.58 a barrel on Friday, up from $34 reached prior to Opec and Non-Opec consensus of November 2016.

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