Brent crude and West Texas Intermediate prices pushed beyond $120 per barrel hours on Wednesday as a new report from the US Energy Information Administration (EIA) predicted that prices will stay above $100 per barrel through the whole year.

In its June Short-Term Energy Outlook, the EIA projected Brent crude will average $107.37 per barrel for the whole of 2022, with WTI averaging $102.47 per barrel.

While the federal agency's report indicated that prices may drop somewhat, a large correction looks unlikely both for the remainder of this year and into 2023.