AsianFin -- While markets have reacted calmly to recent U.S. strikes on Iranian nuclear facilities, JPMorgan is warning of a worst-case scenario that could send oil prices soaring.

Analysts from the bank’s global commodities research team estimate there’s a 21% chance that escalating tensions between Israel and Iran could disrupt energy production in the Persian Gulf. Such a disruption, they say, could push oil prices up by as much as 75%, reaching $120 to $130 per barrel.