The Bank of America predicted that the Brent crude standard will exceed $120 per barrel by the end of June 2022 in a research note released this week. The present global energy crisis, which has seen prices for crude oil, coal, natural gas, and LNG surge as the market tightens, is the impetus for BofA’s elevated price projection.

Over the next year and a half, the bank predicts that global oil demand will continue to outstrip supply, resulting in decreasing inventories and increasing oil prices.

Just a month ago, BofA predicted that oil would hit $100 in the next six months—and that was assuming a colder-than-usual winter. This was considered to be the most important driver of global energy markets at the time. It cited the bleak situation in Europe’s energy markets, where diminishing stockpiles have produced wild price swings, as a foreshadowing of what’s to come.

Now, according to BofA, rising diesel, jet fuel, and gasoline prices, as well as refining capacity constraints, will push prices higher into next year.

OPEC+ will be meeting this Thursday for its monthly meeting. Notwithstanding the pressure some people are placing on the Group to increase production, it is largely assumed that OPEC+ will keep to its commitment to add additional 400,000 barrels per day.