Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.
- Exacerbating it: OPEC has also been working with Russia on output limits, although those limits may not have staying power given Trump's Iran deal announcement, per Nasdaq.
Temper the assessment: Bank of America is the first Wall Street bank to make this prediction, and other banks haven't floated numbers this high. According to Smith, Goldman Sachs predicts Brent crude will hit $82.50 a barrel in the coming months, but sees prices subsiding in 2019.