Mario Nawfal @MarioNawfal ·
↗
Oil has had one wild ride since 2000, and it's not exactly calming down now.
In 2008, booming demand from China and a flood of speculators sent Brent to a record $144 a barrel.
Months later, the global financial crisis hit and prices crashed below $40.
By 2016, Brent had sunk to $26 after the U.S. shale boom flooded the world with oil and Saudi Arabia refused to cut production to prop prices up.
Then came 2020. COVID lockdowns killed demand overnight, storage tanks filled to the brim, and U.S. crude briefly went NEGATIVE, meaning sellers were literally paying people to take it off their hands.
In 2022, Russia invaded Ukraine, the West slapped sanctions on Moscow, and Brent rocketed back up to $133.
Now it's climbing again, with Brent settling at $106.65 yesterday and WTI at $93.74, as the Iran war drags on, the Strait of Hormuz stays under blockade and Houthi missiles rain down on Saudi Arabia.
Every few years, the world finds a new way to break the oil market, and this year it's going for the full combo.
Writer: Julie
t.co/WI4I4llkyw
💬 11🔁 11
♥ 53👁 29K
Top reply · ♥ 2
Nicholas Merten 🇺🇸 @NicholasMertenK ·
↗
@MarioNawfal We went from negative oil prices to near record highs in like twenty-four months, if that doesn't prove the entire valuation system is completely fabricated by panic and speculators I don't know what will









































