Oil Prices at a Crossroads: History's Lessons for Today's Turbulence The current price of oil is influenced by global politics, economic instability, and the intricate web of supply and demand that drives energy markets.
As of May 15, 2026, Brent crude oil is priced at $111. 04 per barrel. To understand this volatility, it's essential to consider the historical context.
The first big oil shock occurred in the early 1970s when Middle Eastern exports were cut and an embargo imposed on the US and its allies during the Yom Kippur War.