Oil Prices in 2008
Brent crude averaged $96.94 per barrel in 2008 and WTI $99.67, records at the time. Brent futures reached an all-time high of $147.50 on 11 July 2008. Within six months the financial crisis had cut prices by more than 75%, and Brent spot fell to $33.73 on 26 December. No other calendar year has seen such a large rise and fall in nominal oil prices.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $92.18 | $92.97 | −$0.79 | |
| February | $94.99 | $95.39 | −$0.40 | |
| March | $103.64 | $105.45 | −$1.81 | |
| April | $109.07 | $112.58 | −$3.51 | |
| May | $122.80 | $125.40 | −$2.60 | |
| June | $132.32 | $133.88 | −$1.56 | |
| July | $132.72 | $133.37 | −$0.65 | |
| August | $113.24 | $116.67 | −$3.43 | |
| September | $97.23 | $104.11 | −$6.88 | |
| October | $71.58 | $76.61 | −$5.03 | |
| November | $52.45 | $57.31 | −$4.86 | |
| December | $39.95 | $41.12 | −$1.17 | |
| 2008 average | $96.94 | $99.67 | −$2.73 |
Source: U.S. Energy Information Administration (EIA), monthly averages of daily spot prices, Europe Brent spot FOB (series RBRTE) and Cushing, OK WTI spot FOB (series RWTC), retrieved 13 October 2026. Nominal dollars.
What drove oil prices in 2008, quarter by quarter
Q1: Oil crosses $100
WTI futures traded above $100 per barrel for the first time on 2 January 2008. Demand from China, India and the Middle East had been growing rapidly for years, while non-OPEC supply was barely rising and OPEC's spare capacity was thin. A falling US dollar and large inflows from index funds and other investors into commodities added momentum. Brent averaged $92.18 in January and $103.64 in March.
Q2: The spike accelerates
Prices rose almost without pause through the spring. Supply disruptions in Nigeria, worries about Iran, and forecasts of $150–$200 oil fed the move. Brent's monthly average rose to $122.80 in May and $132.32 in June. US gasoline topped $4 per gallon, and demand in the US and other wealthy economies started to fall.
Q3: The July peak and the turn
Brent spot closed at its 2008 high of $143.95 on 3 July. On 11 July Brent futures touched $147.50 intraday and WTI $147.27, the highest nominal oil prices ever recorded. July's monthly average, $132.72, was the highest of the year. Prices then fell quickly as demand destruction became visible and the dollar recovered. Hurricanes Gustav and Ike hit the US Gulf Coast in September, but refinery outages cut crude demand as well as supply. The collapse of Lehman Brothers on 15 September turned a correction into a rout. Brent averaged $97.23 in September.
Q4: Financial crisis and record OPEC cuts
Credit markets froze, trade finance dried up and the global economy slid into recession. OPEC agreed a cut of 1.5 million barrels per day on 24 October, and a record 2.2 million b/d cut in Oran, Algeria, on 17 December. Neither stopped the fall that year. Brent averaged $71.58 in October, $52.45 in November and $39.95 in December. WTI spot hit $30.28 on 23 December, and Brent spot $33.73 on 26 December, before both recovered strongly in 2009.
2008 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $97.01 (2 January 2008) | $99.64 (2 January 2008) |
| Annual high | $143.95 (3 July 2008) | $145.31 (3 July 2008) |
| Annual low | $33.73 (26 December 2008) | $30.28 (23 December 2008) |
| Last trading day | $35.82 (31 December 2008) | $44.60 (31 December 2008) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
The EIA figures above are daily closing spot assessments. They are lower than the futures intraday record because the spike peaked within the trading day on 11 July. For a full account of the causes, see why oil hit $147 in 2008.
How 2008 compares
At $96.94, Brent's 2008 average was $24.50 above 2007 and the highest annual figure until 2011, when Brent averaged $111.26. Unusually, WTI averaged $2.73 more than Brent. Before the US shale boom, WTI normally traded at a small premium because it is lighter and sweeter (see Brent vs WTI). After inflation, the 2008 peak remains one of the two highest oil prices on record, together with 1980. Compare every year since 2000 in the oil price history table, or read about the forces behind the spike in what moves oil prices.
← All years since 2000
Brent and WTI annual averages and the major oil price events.
Oil prices in 2015 →
Brent averaged $52.32: the shale glut and OPEC's market-share strategy.
Oil prices in 2008 FAQ
What was the highest oil price in 2008?
Brent crude futures reached $147.50 per barrel intraday on 11 July 2008, the highest nominal oil price ever recorded. WTI peaked at $147.27 the same day. On a daily closing basis, EIA spot data show highs of $143.95 for Brent and $145.31 for WTI, both on 3 July 2008.
What was the average oil price in 2008?
Brent crude averaged $96.94 per barrel in 2008 and WTI averaged $99.67, according to EIA spot price data. Both were records at the time. Brent's annual average was not exceeded until 2011. WTI's 2008 average remains its highest annual figure on record.
Why did oil prices crash in late 2008?
Oil crashed in late 2008 because the global financial crisis, deepened by Lehman Brothers' collapse on 15 September, pushed the world economy into recession. Demand fell, credit for trading dried up, investors sold commodities and the dollar strengthened. Brent fell from $147.50 in July to about $34 by late December.
What was the lowest oil price in 2008?
According to EIA spot data, WTI's lowest daily price in 2008 was $30.28 per barrel on 23 December, and Brent's was $33.73 on 26 December. Despite record OPEC cuts agreed in October and December, prices did not recover until 2009.
Related pages
Oil Price History
Crude oil price history: Brent and WTI annual average prices 2000-2025, the spread by year, and the events behind every spike and crash.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.
What Moves Oil Prices
What moves oil prices: OPEC+, inventories, demand, spare capacity, geopolitics, the dollar, rates, speculation and the futures curve.
Brent Chart
Live Brent crude oil price chart from intraday to monthly, with the Brent technical summary, a long-run performance view and the key price levels in Brent's history.