The price of Brent oil today surpassed the $85 per barrel threshold for the first time since October 2018. With this, a deficit is expected in the coming months due to rising gas and coal prices.

Oil prices have been high in recent weeks as natural gas prices have reached record highs.

The International Energy Agency said Thursday that the energy crisis is affecting oil markets. In the coming months there could be a demand for 500,000 barrels of oil per day (bpd). That would result in a supply deficit of about 700,000 bpd by the end of this year as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) gently eases production restrictions.

Prices, of oil, gas and coal, are influencing inflation on a global scale and pose a challenge to policy makers. While helping to raise revenue for producing countries, it risks slowing down economies seeking to emerge from a crisis caused by the Covid-19 pandemic.

According to Bank of America Corp. oil may reach $100 a barrel. Brent crude prices rose as much as 1.3% to $85.07 a barrel.