The world events behind major movements in the Brent crude oil price. A historical record of supply shocks, demand collapses, wars and production decisions.
Oil prices respond to changes in physical supply and demand. The events below are selected because they coincided with major, documented movements in the Brent market. Price references are identified as annual or monthly averages where applicable.
The International Petroleum Exchange launched the Brent crude oil futures contract in 1988. This created a standardised, exchange-traded benchmark that became central to global crude oil pricing.
On 2 August 1990, Iraq invaded Kuwait. The conflict removed Iraqi and Kuwaiti exports from the market and raised concerns about the security of Gulf oil supplies.
The crisis that began in Asia spread across major economies, weakening industrial activity and oil consumption while available supply remained abundant.
The US-led invasion began in March 2003. Fighting and damage to infrastructure disrupted Iraqi production and exports during the post-invasion period.
Strong demand growth and limited spare production capacity helped push prices higher through 2007 and the first half of 2008. The global financial crisis then triggered a sharp contraction in economic activity and oil demand.
The uprising and civil war in Libya interrupted production and exports. Libyan light, low-sulphur crude was important to Mediterranean and European refiners.
Rapid growth in US shale oil production added significant supply. In November 2014, OPEC decided to maintain its production target rather than immediately cut output to defend prices.
Travel restrictions, lockdowns and the sharp reduction in aviation and road transport caused an unprecedented fall in oil consumption. A price dispute between major producers added to supply pressure in March.
Russia's full-scale invasion of Ukraine on 24 February 2022 led to sanctions, changes in trade flows and uncertainty over Russian energy exports. Buyers and traders reorganised shipments and supply routes.
US and Israeli strikes on Iran began on 28 February 2026. Retaliation and attacks across the region disrupted shipping through the Strait of Hormuz, a route that normally carries a major share of global seaborne oil.