Get ready for higher energy costs, JPMorgan said Friday, warning that the latest surge in oil prices may have a lot further to run.
The recent uptick in oil prices , sparked by output cuts from OPEC and higher demand, has fueled inflationary fears and heightened concern that interest rates may stay at today's lofty levels for longer.
Consumer prices in August, for example, showed a 0.6% month-over-month increase, the largest monthly gain of the year, partly owing to uptick in energy prices.
Brent prices rose another 1% Friday to trade around $94 a barrel as a fuel export ban from Russia reignited global supply fears.
Amid this looming energy "supercycle," JPMorgan sees a positive outlook for global energy producers and named Shell , Baker Hughes and Exxon Mobil among its best ideas.
Persons:
Christyan Malek, Brent, Malek, Baker Hughes, — CNBC's Michael Bloom
Organizations:
JPMorgan, Brent, bbl, Shell, Exxon Mobil
Locations:
Russia