Crude Oil Price History

Key takeaways from 25 years of oil prices

• The 2000s supercycle. Brent rose almost every year from $25 in 2002 to $97 in 2008. Rapid demand growth in China and other emerging markets met stagnant non-OPEC supply.
• The $100 era. From 2011 to 2013 Brent averaged more than $108 per barrel each year, the highest sustained level on record. Supply losses from the Arab Spring and Iran sanctions kept the market tight.
• Shale changes the market. US tight oil added millions of barrels per day, the Brent-WTI spread widened to record levels in 2011–2013, and prices halved in 2015.
• Two shocks in three years. The 2020 pandemic pushed the annual average to $42. Russia's invasion of Ukraine lifted it back above $100 in 2022.
• Normalisation. From 2023 to 2025 prices eased as non-OPEC supply grew (the US, Brazil, Guyana and Canada) and OPEC+ unwound some of its cuts.
• 2026 shock. The Iran war and the closure of the Strait of Hormuz pushed Brent back above $100 from March 2026.

Major oil price events in history

1973–1974: The Arab oil embargo

After the October 1973 Arab-Israeli war, Arab OPEC members embargoed the United States and other countries and cut output. The posted price of Arabian Light crude roughly quadrupled, from about $3 to nearly $12 per barrel within months. This was the first oil shock, and it led to the creation of the International Energy Agency and strategic petroleum reserves.

1979–1980: The Iranian revolution and Iran-Iraq war

Iranian output collapsed during the 1979 revolution, and the Iran-Iraq war began in 1980. Prices more than doubled to around $35–$40 per barrel. Adjusted for inflation, this peak was only exceeded in 2008.

1986: The counter-shock

New supply from the North Sea, Alaska and Mexico, together with falling demand, eroded OPEC's market share. Saudi Arabia abandoned its role as swing producer and raised output. Prices collapsed from above $25 to around $10 within months.

1990: Iraq invades Kuwait

Iraq's invasion in August 1990 removed more than 4 million barrels per day from the market. Prices doubled from about $17 in July to over $40 in October, then fell back quickly when the US-led coalition began operations in January 1991.

1998: The Asian financial crisis

Collapsing Asian demand and an ill-timed OPEC output increase pushed Brent below $10 in December 1998. OPEC and non-OPEC producers responded with coordinated cuts in 1999, the forerunner of today's OPEC+.

2008: Record high and crash

Brent reached its all-time high of $147.50 on 11 July 2008 (WTI $147.27). Tight spare capacity, strong emerging-market demand, a weak dollar and heavy investment inflows drove the rise. The financial crisis then cut prices by more than 75%, to around $36 by December.

2014–2016: The shale price war

US shale production grew by millions of barrels per day. On 27 November 2014, OPEC chose not to cut output in order to defend market share. Brent fell from about $115 in June 2014 to below $28 in January 2016. The slump ended with the OPEC+ alliance with Russia and others, formalised in December 2016.

2020: The pandemic and negative WTI

Lockdowns cut global demand by roughly 20 million barrels per day at the low point in April 2020, during a brief Saudi-Russian price war. On 20 April 2020 the expiring May WTI contract settled at −$37.63. OPEC+ agreed a record 9.7 million b/d cut, and prices recovered over the following year.

2022: Russia invades Ukraine

Fears of losing Russian exports sent Brent to about $139 intraday on 7 March 2022, its highest since 2008. Brent averaged $100.93 for the year. Exports were redirected towards India, China and Turkey through a "shadow fleet", and an EU embargo and G7 price cap took effect in December 2022.

2026: The Iran war and the Hormuz closure

US and Israeli strikes on Iran began on 28 February 2026, and tanker traffic through the Strait of Hormuz was effectively halted. Brent spot jumped from $70.89 in February to a monthly average of $117.29 in April, peaking at $138.21 on 7 April (EIA spot data), the highest since 2008. Full details are on oil prices in 2026.

Nominal vs real oil prices

All figures on this page are in nominal dollars. Adjusted for US inflation, the 1980 peak and the 2008 peak are of a similar size, and the averages for the 2011–2013 plateau would be well above $140 in today's money. For questions about affordability, real prices or oil's share of GDP are more meaningful than nominal records.