In a recent analysis, JPMorgan expressed bullish sentiments on the global energy sector, predicting an upcoming 'supercycle' propelled by low capital expenditure (CAPEX) and supply shocks. The bank anticipates a significant rise in Brent and West Texas Intermediate (WTI) crude oil prices, with Brent potentially reaching $150 per barrel by 2026. This surge is expected to benefit major energy firms such as Shell (LON:SHEL), Baker Hughes, and Exxon Mobil (NYSE:XOM).

Persistently high oil prices are expected to prevail until 2024, primarily driven by production cutbacks led by Saudi Arabia. This forecast comes as the U.S. crude oil standard, West Texas Intermediate (WTI), recently hit a 13-month high due to supply constraints.

A recent survey by the Wall Street Journal predicts that both Brent crude and WTI will average near $89.28 and $85.33 per barrel respectively over this period. The increasing prices reflect the ongoing production cutbacks led by Saudi Arabia, which have significantly impacted global supply.

Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.

Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.

Gold prices experienced a slight rise in the early hours of Thursday's Asian trading session due to a mild weakening of the U.S. dollar, according to an analysis by Commonwealth Bank of Australia (OTC:CMWAY) (CBA) analyst Vivek Dhar. Spot gold was specifically priced at $1,876.63 per ounce.

Oil prices rose sharply in Asian trade on Thursday, with U.S. crude futures hitting an over one-year high on continued signs of tighter supply, while positive data from China also aided sentiment. 

The signals helped markets largely look past concerns over higher-for-longer U.S. interest rates, following a string of hawkish comments from Federal Reserve officials.

The U.S. dollar held its position near a 10-month high against a basket of major currencies on Thursday. The dollar's strength was buoyed by optimistic U.S. economic data and anticipatory remarks from Federal Reserve officials. The U.S. dollar index, which measures the greenback against other major currencies, hovered around 106.58 after hitting an overnight peak of 106.84, its highest level since November 30.

In a week characterized by significant financial shifts, the strength of the US dollar (USD) has been emphasized, while the Canadian dollar (CAD) has fallen short, impacting both the EUR/USD and GBP/USD. These developments have been observed alongside a sharp fall in the S&P 500, according to a recent financial analysis.

Oil prices settled nearly 1% higher on Tuesday, rebounding from a slump to a two-week low in early trading as expectations of tighter supply outweighed worries that an uncertain economic outlook would crimp demand.

Brent crude futures settled 67 cents higher, or 0.7%, at $93.96 a barrel. U.S. West Texas Intermediate crude futures settled 71 cents higher, or 0.8%, at $90.39.

The dollar index hit a 10-month high on Tuesday while the Japanese yen came closer to the key 150 level, where Japanese officials are seen as potentially intervening to shore up the currency.

Benchmark 10-year U.S. government bond yields have jumped to 16-year highs this month as economic data remains robust despite higher interest rates.

Oil prices staged their strongest comeback on Tuesday from a week-long spotty run that raised questions on the market’s three-month rally. 

Gains were, however, limited by the unwavering dollar and uncertainty over how demand for U.S. crude and fuels might have fared last week.