Oil's Rollercoaster Ride: Why History Repeats, but Never Quite Duplicates The price of oil on May 20, 2026, stands at $110. 34 per barrel, down from $112. 93 the previous day.
This fluctuation is just one instance in a long standing pattern of boom and bust cycles that have characterized the oil market for decades.
Historically, major events such as wars and recessions have driven oil prices up or down.