Uranium prices could rise from current levels of around $80/lb U3O8* to $135/lb in 2026 because of market dynamics and geopolitical factors, according to analysts at Bank of America Securities.

The analysts said in a report that recent uncertainty surrounding the availability of Russian-origin enriched uranium, coupled with concerns about a potential retaliatory export ban by Russia in response to US sanctions, has underscored the critical issue of supply security in the uranium market.