Bank of America CorporationIt said the global energy crisis could help oil prices break above $100 a barrel for the first time since 2014 and trigger a global economic crisis.

The oil equivalent price of natural gas has almost doubled, and Bank of America Corporation said the surge in diesel demand could push crude oil to a similar level. Higher oil prices could trigger a macro crisis given that monetary and fiscal policies are nearing their limits and energy costs account for a rising share of economic output, Bank of America Corporation said in a report on Friday.

The rise in crude oil prices will be driven by three factors: high natural gas prices that shift consumption to oil, a surge in crude oil consumption caused by cold winters, and a rise in aviation demand due to the reopening of US borders.

"if all these factors add up, oil prices could soar and lead to a second round of global inflationary pressures," analysts such as Francisco Blanch wrote in the report. "in other words, we are only one storm away from the next macro hurricane."

As refiners have prioritized gasoline production in recent months, diesel stocks have fallen, diesel prices could climb above $120 a barrel, and the prices of other oil-based fuels for heating have also risen, the bank said. Propane prices in the United States have reached their highest level since 2014.

Bank of America Corporation also said that in addition to the cooler weather, underinvestment in commodities due to low returns will also push up oil prices in the long run.

"crude oil prices are bound to rise for many years," the bank said.