FXStreet reports that analysts at JP Morgan discuss Brent oil prospects.

"The upcycle in energy prices is supported by a surge in demand as the world emerges from the pandemic and by “the unintended consequences of ESG [environmental, social and governance] and energy and transition policies. Such policies are “reducing fossil energy capacity faster than demand can switch to renewables.”

“Oil to surge beyond $80/barrel for Brent by year-end. Its 2022 year-end target is $62/barrel. “

“There is a risk of oil prices overshooting as the oil and gas industry reaches a tipping point due to chronic underinvestment.”