The risk of Western import bans on Russian uranium supply has contributed to this year’s surge in prices for the nuclear-energy element with further gains likely, Bank of America said.

Uranium spot prices have climbed 50% in the year-to-date in hitting $63.60 a pound, with most of that gain – 47% – taking place since Russia launched a war against Ukraine in late February, the investment bank said in a research note.

It said it had raised its uranium price estimates for 2022 to 2027 by 20% on average. It raised its 2027 long-term price estimate by 4% to $50 a pound. For 2022, it raised its uranium price estimate 13.5% to $60.70 a pound.