Analysts share their price forecasts after a strong rally in the first half of 2021

CNBC reports that oil prices surged toward $80 a barrel for the first time in more than two and a half years.

Analysts on Wall Street believe there is potential for crude markets to climb even higher in the coming months, although not everyone is convinced that’s the case.

Brent futures rose more than 8% in June while WTI climbed over 10%, reaching their highest levels since Oct. 2018.

Analysts attribute the oil price rally to a combination of factors, including the rollout of Covid-19 vaccines, a gradual easing of lockdown measures and massive production cuts from OPEC and non-OPEC members — an energy alliance known as OPEC+.

Looking ahead, Goldman Sachs sees Brent prices averaging above $80 in the third quarter, with potential spikes “well above” that level as demand comes roaring back. JPMorgan, meanwhile, expects crude oil prices to “decisively” break into the $80s during the final three months of the year.

Analysts at Bank of America are even more bullish. They argue Brent prices could see $100 in the summer of next year. That would mark a return to triple digits for the first time since 2014.

It comes as all three of the world’s main forecasting agencies — OPEC, the International Energy Agency and the U.S. Energy Information Administration — expect a demand-led recovery to pick up speed in the second half of 2021.