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Wall Street bank predicts oil could hit $100 a barrel in 2019

Flames in the background with smoke coming off them with teal-colored pipes in the foreground.
The Nahr Bin Omar natural gas field, with flames rising from the burning of excess hydrocarbons. Photo: Haidar Mohammed Ali/AFP/Getty Images

Bank of America predicts that oil prices could spike to $100 a barrel next year, a price not seen since 2014, Bloomberg's Grant Smith reports.

Driving the assessment: The economic crisis in Venezuela has created oil supply problems, and President Trump's decision to withdraw the U.S. from the Iran nuclear deal and reimpose sanctions on the country have sent crude prices soaring. Meanwhile, world inventories are expected to shrink while demand has been on the rise.