By the middle of February oil prices hit $95 for the first time since 2014. Rising tensions over the stand-off between the West and Russia have driven the prices upward.
Forecasts of $100 a barrel were being touted on the market analyses doing the rounds - that was before the invasion of Ukraine.
Now analysts are predicting prices of €125 a barrel before too long.
Demand for oil has remained high despite the emergence of the Omicron variant, which has put pressure on supplies, especially in the US.
Expect more pain on the energy front seems to be the message, and more inflationary pressures too as a result.
