Oil prices have witnessed violent fluctuations over the decades, driven by wars and geopolitical and economic crises that have ravaged the world.
Every time oil production areas or supply lines are threatened, prices rise rapidly, making the oil market among the most sensitive to political and military events globally.
The following is a presentation of the most prominent shocks that have affected oil prices throughout history, and are linked to pivotal events:
1- “Arab oil embargo 1973”
The highest price reached during the crisis: $11.65
The price of a barrel before the crisis: $14
The highest price reached during the crisis: $39
The price of a barrel before the crisis: $21
The highest price reached during the crisis: $39
The price of a barrel before the crisis: $25
The highest price reached during the crisis: $40
5- “The 2008 standard price crisis”
The price of a barrel before the crisis: $70
The highest price reached during the crisis: $147
The price of a barrel before the crisis: $60
The highest price reached during the crisis: $71.95
The price of a barrel before the crisis: $50
The highest price reached during the crisis: $139
The price of a barrel before the crisis: $93
The highest price it reached during the crisis: $118, and it is likely to reach $200. (The New Arab)
