Many energy analysts think that oil prices will soon rise above $US100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 per cent since the start of July, trading at about $US96.50 a barrel on Wednesday.

“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.