Oil Prices Soar Above $100 Amid US-Iran Conflict
Oil prices have been highly volatile over the past two decades, with Brent North Sea crude reaching record highs and lows. The latest surge above $100 a barrel is attributed to tensions in the US-Iran conflict since February.
In 2008, Brent reached an all-time peak of $147.50 a barrel on July 11, driven by falling stockpiles in the United States, strong Chinese demand, and unrest in key OPEC members Iran and Nigeria. However, by December that year, Brent had tanked to around $36 due to a severe economic recession worldwide.
More recently, prices have been affected by various global events, including the COVID-19 pandemic, Russia's invasion of Ukraine, and the US-Iran war in 2026. In February 2022, crude futures climbed above $100 soon after Russia invaded Ukraine, with Brent reaching a peak of $139.13 a barrel and WTI hitting $130.50.
However, prices have largely fallen back due to high supplies and weaker demand from China.