Advertisement
Since the latest round of conflict in the Middle East kicked off on the 28th of February, the cost of a barrel of oil (WTI) has risen by $23.98 compared with the final close of markets prior to the war, representing a rise in oil prices of 35.6%.
Taking a longer view, the current level is the highest oil price since October 2023 and still significantly below where prices were during the height of the impact of the war in Ukraine on commodity markets.
Advertisement
According to an analysis from the Bespoke Investment Group, last week’s oil market action saw the single largest increase in oil prices in relative terms since at least 1985.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Tarric is an Australian freelance journalist and independent analyst who covers economics, finance, and geopolitics. Tarric is the author of the Avid Commentator Report. His works have appeared in The Washington DC Examiner, The Spectator, The Sydney Morning Herald, News.com.au, among other places.