TRIVIA

Oil prices have skyrocketed again as a result of Russia's invasion of Ukraine, which has caused great uncertainty in the energy markets. Do you know when oil reached its highest price ever?

ANSWER

3) 2008. In July of that year, an Israeli attack on Iran caused the price of oil to reach US$160 per barrel (adjusted for inflation), the highest ever recorded. This peak was reached amid strong demand growth in previous years, driven by increased consumption in China and India. A few weeks after this record, however, the financial crisis that erupted in September 2008 caused the price of crude oil to plummet to US$56 per barrel in early 2020.