Oil prices could hit $100 a barrel in 2019, says BOA

The collapsing oil production in Venezuela and potential export disruptions in Iran could push the price of Brent crude as high as $100 per barrel in 2019, Bank of America’s analysts said.

The analysts said their target price for Brent, the global benchmark, was $90 for the second quarter of next year. They, however, revised their projections due to the risk of potential political tension concerning Iran, which would push prices to $100, a level not seen since 2014.

As for West Texas Intermediate, the most commonly cited US contract, it will likely trade $6 below the price of Brent in 2019, they said.

US President Donald Trump’s decision to exit the Iran nuclear deal and re-impose sanctions against the country, pushing Brent prices above $77 per barrel.