TRIVIA

Oil prices have soared again in the wake of the Russian 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 in its history. This ceiling was reached amid strong demand growth in previous years, driven by rising consumption in China and India. A few weeks after this record, however, the financial crisis that exploded in September 2008 plummeted the price of crude oil to levels of US$56 per barrel in early 2020.