Brent crude futures could rise to $240 a barrel this summer if Western countries continue to ban Russian oil exports, according to industry consultancy "Rystad Energy."

Bjornar Tonhaugen, head of oil markets at Rystad Energy, wrote in a memo that wider sanctions on Russian oil would create a gap of 4.3 million barrels per day "that simply cannot be replaced by other supply sources." He estimated that the supply collapse would be the largest potential shortfall in oil supply since the Gulf War in 1990 when oil prices doubled.

Tonhaugen hinted that the higher the prices, the greater the "chances of the global economy entering a recession" in the fourth quarter.

Tonhaugen wrote that "a level of oil prices at $240 a barrel will trigger a global recession, self-destruct prices within a few months only, and after that; prices will fall sharply."