Oil prices could rise to $120 a barrel on further supply cuts, and that would bring economic growth to a halt next quarter, JPMorgan says

• Brent crude prices could potentially hit $120 a barrel, JPMorgan warned.
• That's assuming oil supply will face even more pressure in the coming months.
• Prices that high could bring global economic growth to a near standstill.

Oil prices could soar back into the triple-digits if crude supply faces more pressure – and that could bring global economic growth to a near standstill, according to JPMorgan.

In a note on Tuesday, the bank's strategists noted oil prices have jumped 27% over the past month to trade at a 10-month high.