A history of oil price swings this century
Crude oil has seen dramatic swings since 2000, from nearly US$150 a barrel in 2008 to below zero during the 2020 Covid-19 pandemic.
Since the onset of the Iran war at the end of February, oil prices have been highly volatile. Brent North Sea crude, the global benchmark, surged past US$100 a barrel on March 2, 2026, after Iran and the US resumed fighting, potentially disrupting oil supply through the Strait of Hormuz. In 2022, Russia's invasion of Ukraine caused crude futures to surpass US$100, peaking at US$139.13 for Brent and US$130.50 for WTI before falling back due to rising supplies.
The Covid-19 pandemic caused oil prices to turn negative in March 2020 as demand collapsed, with WTI hitting a record low of minus US$40.32. In 2012, Iran's crude embargo, imposed over its nuclear program, pushed prices back over US$100 amid Middle East tensions. The Arab Spring in 2011 caused Brent to rally to US$127 as unrest spread through the Middle East and North Africa.
The record-high of US$147.50 for Brent in July 2008 was driven by low US stockpiles, strong Chinese demand, and a weak dollar, but fell to around US$36 by December 2008 during the global financial crisis.
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- A history of oil price swings this century freemalaysiatoday.com
