As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year.

Oil Prices

It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies and governments to transition away from fossil fuels, oil in particular.

Oil prices slumped in 2020, hampered by demand destruction due to coronavirus outbreaks and restrictions imposed to blunt the pandemic. However, inoculation campaigns across the United States and major economies in both Europe and Asia – including China – have proven successful and economic activity is quickly rebounding.

Bank of America Corp. (BofA) analysts said this week an...