The staggering increase in oil prices is expected

The prices of crude oil could be $100 per barrel as early as next year, as oil supplies from Iran and Venezuela are likely to pressure the global energy market, according to America's Bankim analysts.

The North Sea oil price “brent”, which currently costs about $77 per barrel, will reach 90 dollars per barrel in the second quarter of 2019, due to the decline of world powers, recommends the bank, broadcast newspapers.net.

The prices of the black “ari”, however, could go up even further, as the agreement between the Organisation of Exporting Lands (OPEC) and other major producers, such as Russia, in limiting production continues to help reduce global supply.

The deterioration of the situation in Iran could push prices to $100, or to a level not seen since 2014, analysts say.

The “Brent” crude oil reached the highest level in the last three years immediately after US President Donald Trump said last week that the US withdrew from a nuclear agreement that was reached three years ago with Iran and announced the renewal of sanctions in Tehran.

Iran reportedly produces 4% of the total global remittances and has a daily production of about 3.8 million barrels.

Analysts expect the OPEC and Russia to gradually reduce the amounts they keep off the market. However, if they do not back down from the current production restriction agreement, the global market situation, as estimated, will become stronger and prices will increase.