Oil crossed the $80 barrier per barrel on Monday, continuing a rally that began early this month. And some analysts warn oil could go much higher, leading to an oil crunch.

The London Telegraph reports that Bank of America and Barclays Capital say oil could go as high as $100 next year. Barclays predicts oil could average $137 in 2015. The price has doubled to $78 in the last year.

"The groundwork for the next sustained step up in oil prices is now almost complete. Global spare capacity is likely to be reduced to low levels within a relatively short time. The global economic crisis has postponed, but not cancelled a crunch which would otherwise be starting to bite now," Barclays reported.

A British business group is also warning that oil supplies have peaked and could shrink much more quickly than anyone expects. That event could lead to much higher prices as well.