Oil Prices Swing Wildly Amid Global Conflict

Oil prices have experienced significant volatility over the past two decades, influenced by various global events. In February 2026, the US-Iran war led to a surge in oil prices, with Brent North Sea crude reaching $126.41 per barrel and West Texas Intermediate (WTI) hitting $119.48.

Hopes for de-escalation and weaker demand from China contributed to a price drop in June, but recent escalation in US-Iran strikes has pushed prices above $100 again. The conflict has effectively blocked the Strait of Hormuz, through which almost 20% of the world's oil is transported.

In February 2022, Russia's invasion of Ukraine drove crude futures above $100, with Brent approaching its 2008 highs of $139.13 per barrel and WTI reaching $130.50. The market experienced a significant downturn in 2020 due to the Covid-19 pandemic, with oil prices briefly turning negative.