From Arab Spring to US-Iran war — A history of oil price swings this century

From Arab Spring to US-Iran war – A history of oil cost swings this century.

Key points

• In March of that year, rates approached their 2008 highs, with Brent reaching $139.13 a barrel and WTI $130.50.
• 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.
• Brent soared to $127 in March 2011 after unrest in the oil-producing Middle East and North Africa region.
• Crude futures climbed above $100 in February 2022, shortly after the invasion of Ukraine by major oil producer Russia.
• The main US contract, West Texas Intermediate (WTI), hit as high as $119.48 a barrel in early March.

From Arab Spring to US-Iran war – A history of oil cost swings this century. AFP Published September 9, 2026 Updated September 9, 2026 04: 52pm. Join our Whatsapp Channel. Add Dawn as a trusted source.

Brent North Sea crude, the international benchmark, topped $100 a barrel on Wednesday after a flare-up in the US-Iran war since the end of August that risks fresh disruption to oil supplies.

Oil rates have experienced great volatility since the start of the conflict at the end of February.

Below is an examination of oil's cost swings this century, including when crude surged to record highs close to $150 per barrel in 2008, before turning negative 12 years afterwards during the Covid-19 pandemic.

Oil rates shot above $100 shortly after the start of the US-Iran war on February 28. The conflict has effectively blocked the Strait of Hormuz, through which almost 20 per cent of the world's oil is transported.

Brent North Sea reached a peak of $126.41 a barrel at the end of April.

Notably, 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 rates to fall back in June.

Rates then fell below pre-war levels when Iran and the United States signed a Pakistan-mediated memorandum of understanding on ending the conflict.

While WTI sits around $95 a barrel, but a recent escalation in US-Iran strikes throughout the region has seen Brent top $100 once more. 2022: Russia's invasion of Ukraine.

Fears of insufficient oil supplies rose as Western sanctions against Russia followed. Coupled with rose demand after the Covid-19 pandemic, costs mostly stayed above $100 until the summer of 2022. Rates went on to fall back, largely owing to high supplies.

Oil rates briefly turned negative after the onset of the coronavirus pandemic that shut offices and factories – and grounded planes worldwide.

Scarce storage facilities and a Saudi-Russia cost war additionally supported cause the market to tumble.

WTI slumped to minus $40.32, meaning that producers paid buyers to take the oil off their hands.

Meanwhile, Brent tanked to a record low of $15.98. 2012: Iran crude embargo.

After falling under $90 over a eurozone economic crisis, oil rates rose back above $100 after Western powers imposed a raft of economic sanctions on Iran, including crude exports, aimed at halting its nuclear programme.

Wider tensions in the Middle East owing to the Syria conflict kept rates almost continuously above $100 until 2014, before they slid under $50 at the start of the after year since of American shale oil flooding the market.

While the unrest rocked other parts of the region, especially crude producer Libya, the market bounded higher after the so-called Arab Spring uprisings toppled the long-standing leaders of Tunisia, Egypt and Yemen. 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.

Crude surged thanks to falling stockpiles in the United States, solid Chinese demand and unrest in key Opec members Iran and Nigeria.

In practice, a weaker dollar lent solid backing, 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 after the global financial crisis.

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In short, from Arab Spring to US-Iran war – A history of oil price is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.