A history of oil price swings this century
Oil prices shot above $100 shortly after the start of the US-Iran war on February 28. The conflict blocked the Strait of Hormuz, through which almost 20 percent of the world's oil is transported.
Infographic with a map showing the main energy sites (oil depots, refineries, fields, etc.) attacked since the beginning of the war in the Middle East on February 28 to March 31 at 1000 GMT, according to a non-exhaustive count based on information gathered by AFP.
LONDON - A resumption of hostilities between the United States and Iran sent oil surging back above $100 a barrel Thursday, as traders bet on further disruption to global crude supplies.
It is the latest significant swing for the key commodity this century.
Here is an examination of oil's volatile movements, including when crude surged to record highs close to $150 per barrel in 2008, before turning negative 12 years later during the Covid-19 pandemic.
2026: US-Iran war
Oil prices shot above $100 shortly after the start of the US-Iran war on February 28. The conflict blocked the Strait of Hormuz, through which almost 20 percent of the world's oil is transported.
Brent North Sea, which is the main international crude contract, reached a peak of $126.41 a barrel at the end of April.
The main US contract, West Texas Intermediate (WTI), hit as high as $119.48 a barrel in early March.
Hopes for de-escalation, weaker demand from China and the massive release of countries' strategic oil reserves caused prices to fall back in June.
The downward trend accelerated, causing prices to fall under pre-war levels, when a memorandum of understanding was signed between Iran and the United States on ending the conflict.
2022: Russia's invasion of Ukraine
In March of that year, prices approached their 2008 highs, with Brent reaching $139.13 and WTI $130.50.
Fears of insufficient oil supplies rose as Western sanctions against Russia followed. Coupled with increased demand after the Covid-19 pandemic, prices mostly kept above $100 until the summer of 2022.
Prices went on to fall back largely owing to high supplies.
2020: Covid pandemic
Oil prices briefly turned negative following the onset of the coronavirus pandemic that shut offices and factories -- and grounded planes worldwide.
The market also tumbled on scarce storage facilities and a Saudi-Russia price war.
WTI slumped to minus $40.32, meaning that producers paid buyers to take the oil off their hands.
At the same time, Brent tanked to a record low of $15.98.
2012: Iran crude embargo
Wider tensions in the Middle East owing to the Syria conflict kept prices almost continuously above $100 until 2014, before they slid under $50 at the start of the following year as a result of American shale oil flooding the market.
2011: Arab Spring
Brent soared to $127 in March 2011 following unrest in the oil-producing Middle East and North Africa region.
The market bounded higher after the so-called Arab Spring uprisings toppled the long-standing leaders of Tunisia, Egypt and Yemen, while the unrest rocked other parts of the region, especially crude-producer Libya.
2008: Record-high above $147
On July 11, 2008, Brent hit a record high of $147.50 a barrel, having breached $100 at the start of the year for the first time.
The same day, WTI achieved an all-time peak at $147.27 a barrel.
Crude surged thanks to falling stockpiles in the United States, strong Chinese demand and unrest in key OPEC members Iran and Nigeria.
A weaker dollar lent strong support, making crude priced in the greenback cheaper for buyers holding other currencies.
But by December 2008, Brent had tanked to sit at around $36 owing to a severe economic recession worldwide in the wake of the global financial crisis.