Brent Crude prices could rise to as much as $120 per barrel in the first half of 2022 due to the global gas crisis, booming air travel with international flights returning, and a comeback of Asian demand, Bank of America says. Although the U.S. is not very exposed to the natural gas crisis, Europe and Asia are, and the gas to oil switch will raise demand for crude, Francisco Blanch, global head of commodities and derivatives research at Bank of America, told Bloomberg on Tuesday. The other major driver of higher demand and higher oil prices would be a big return of travelers after the U.S. re-opened borders to international vaccinated travelers on Monday. There will be a “booming air travel window for the next six months and presumably you’ll have Asia coming back with the vaccine rollout there,” Blanch said. Amid rising demand, the global oil market faces […]