According to the Energy Information Administration (EIA), oil prices will remain above $100 per barrel in the coming months, reflecting the geopolitical risk posed by the conflict between Russia and Ukraine, as well as the tight energy markets caused by current and potential future sanctions against Russia.

According to the EIA’s latest Short-Term Energy Outlook (STEO), Brent crude prices are predicted to average $105.22 per barrel this year, up considerably from its February projection of $82.87.

EIA’s oil price forecast, however, “is subject to heightened levels of uncertainty due to various factors, including Russia’s further invasion of Ukraine, government-issued limitations on energy imports from Russia, Russian petroleum production, and global crude oil demand.”

The current predicted Brent price also raised the prediction for the U.S. retail gasoline price, which the EIA anticipates will average $4.00 per gallon this month, rise to a forecast high of $4.12 per gallon in May, and then gradually fall for the rest of the year. The average normal retail gasoline price in the United States is expected to be $3.79 per gallon this year and $3.33 per gallon in 2023. After accounting for inflation, the average retail gasoline price in 2022 would be the highest since 2014, according to the EIA.

Commenting on the possibility of oil prices skyrocketing above $150 dollars, analyst at AfricEnergy Ltd, an African Oil and Gas data firm, Mr. David Raymond Edet, said: “There is a 60% chance that crude oil prices may reach an all-time high sometime this year, however the market is so volatile that predications could change in the span of 24 Hours.”

WTI was up 2% to over $98, and Brent was up 1.6 percent to $101.46 early on Wednesday, ahead of the EIA inventory data.