Despite the Organization of Petroleum Exporting Countries(OPEC) and its allies agreeing to further resume previously halted oil production, global oil prices are forecast to continue to spike, after hitting a seven-year high.

JP Morgan Chase Global Head of Commodities Research Natasha Kaneva told Bloomberg TV on Wednesday that due to the rising geopolitical risks surrounding Russia and Ukraine, oil could reach about 120 dollars per barrel.

After jumping 17-point-two percent last month, West Texas Intermediate(WTI) edged higher on Wednesday, settling at a seven-year high of just above 88 dollars a barrel.

The rally comes amid growing fears that Russian forces may invade Ukraine, sparking retaliatory sanctions by the U.S.

Earlier in the day, OPEC and allies announced plans to maintain the resumption of increasing daily output by 400-thousand barrels in March, after global supply shuttered in 2020 from the COVID-19 pandemic.

But the geopolitical concerns, coupled with some members of the alliance failing to fulfill their monthly targets amid post-pandemic surge in demand, have led to the latest price hike.