Energy analyst Dan Yergin believes crude oil prices may continue to climb over three-and-a-half-year highs and could hit $85 a barrel as early as July 2018, according to CNBC.

Oil prices have been steadily on the rise since 2017 as a result of output caps imposed by major producers to reduce the global crude glut. Recently, crude prices rose faster than expected due to geopolitical tensions. Brent crude, the international benchmark for oil prices, recently hit $80 a barrel after hitting its highest level since November 2014.

Cost could continue to climb due to falling output in Venezuela and growing tension in the Middle East.

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