Wall Street’s summer forecast calls for $100 oil.

A barrel hasn’t cost that much since the summer of 2014, before OPEC launched a price war with U.S. shale producers and sent oil prices into a yearslong slump. Early in the pandemic, prices fell to uncharted depths. But the bust ended last year, when crude prices gained more than 50% and oil stocks led the broader market higher. 

The benchmark U.S. barrel has added another 16% to start this year, ending Wednesday at $87.35. Brent crude, a key price in international trade, closed at $89.96 a barrel, also up 16% in 2022. Energy shares in the S&P 500 have risen 18% this year, the only sector in the stock index up through Wednesday’s close.