Amidst the current oil-price rally, which has approached $100 a barrel, certain grades of crude oil have already surpassed this milestone, indicating a projected scarcity of supply. According to LSEG data, the outright price of Nigerian crude Qua Iboe exceeded $100 a barrel on Monday, while Malaysian crude Tapis reached $101.30 last week, as reported by Bjarne Schieldrop, an analyst at Swedish bank SEB. This surge in oil prices has been attributed to the anticipation of a supply deficit in the fourth quarter, following the extension of supply cuts by Saudi Arabia and Russia, the two largest producers in the OPEC+ group, with most other members also reducing output. As Schieldrop noted, "the overall situation is that Saudi Arabia and Russia are in solid control of the oil market." Brent oil futures, a global benchmark, traded as high as $94.89 on Monday, while the related benchmark used for trading much of the world's physical cargoes, called dated Brent, stood just above $96, according to LSEG. The prices of Qua Iboe and some other crudes priced against Brent have already exceeded $100 due to their basis on the price of dated Brent plus a cash differential or premium, currently assessed by LSEG at around $4.25 a barrel. Schieldrop predicts that dated Brent is highly likely to surpass $100, as "only noise is needed to bring it above." UBS analyst Giovanni Staunovo expects Brent futures to reach triple digits, with a projected trading range of $90–100 over the coming months and a year-end target of $95.