Brent crude rallied 2.3pc to $79.80, its highest price since October 2018.
Analysts at Goldman Sachs said Brent, which is based on the North Sea industry, could rise to $90 per barrel by the end of the year.
Gas prices have rocketed to all-time highs in recent weeks due to weak global production, low exports from Russia, poor storage levels in the UK and elsewhere in Europe, and rising demand from economies emerging from lockdowns.
High gas prices increase demand for oil-burning to generate electricity.
Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.