At the end of last year Daniel Yergin, one of the world’s shrewdest oil gurus, predicted in a rare interview with CNBC that oil prices would hover between $65 and $85 per barrel this year and that $100 oil is unlikely “unless some big geopolitical turmoil happens.”

The author of the Pulitzer-winning book, The Prize: The Epic Quest for Oil, Money and Power, and now vice chairman of IHS Markit, the US information group, added that US oil production is back and set to increase in 2022 after more than a year of OPEC and its allies “running the show.”

Well, Yergin might be spot on with all his forecasts. Earlier this week oil prices soared to a seven-year high, with futures climbing to $85.74 a barrel, the highest since October 2014, on rising demand coupled with tightening supply.