Oil Prices Swing Wildly Amid Global Conflicts
Oil prices have experienced significant volatility this century, with several major events contributing to price swings. In February 2026, tensions between the US and Iran led to a surge in oil prices, reaching a peak of $126.41 per barrel for Brent North Sea crude. The conflict has effectively blocked the Strait of Hormuz, through which almost 20% of the world's oil is transported.
Looking back at previous events, in 2022, Russia's invasion of Ukraine led to a price increase, with Brent reaching $139.13 per barrel and WTI $130.50 in March of that year. The Covid-19 pandemic in 2020 caused prices to briefly turn negative, with WTI slumping to minus $40.32.
Other significant events include the Iran crude embargo in 2012, which led to a price increase due to Western powers imposing economic sanctions on Iran, and the Arab Spring in 2011, which saw Brent soar to $127 per barrel following unrest in oil-producing Middle East and North Africa regions.