MEASURED · 5 OCTOBER 2026
Oil price history: crude oil prices every year since 1960, and every crash and spike
A barrel of crude cost $1.60 in 1960 and $102.30 in September 2026. In between its yearly average multiplied about 31 times from 1970 to 1980, it lost more than 70% of its value three times, and it set a record in 2008 that still stands. Below: every year and every big move, in the dollars of the day and in today’s.
The short answer
Crude oil, September 2026 average
$102.30
Brent $116.80 · WTI $96.90
Monthly record
$132.80
July 2008; $202 in today’s dollars
2026 so far
+68%
from $60.90 in December 2025
Falls of 40% or more since 1960
8
deepest −77%
Oil price history chart
Solid line: the monthly average of Brent, Dubai and WTI spot prices in dollars of the day (World Bank). Dashed: the same in August 2026 dollars (BLS consumer price index). Log scale, so equal heights are equal percentage moves.
Oil’s records, before and after inflation
| PEAK | MONTH | THEN | IN AUGUST 2026 DOLLARS |
|---|---|---|---|
| 1979-81 oil shock | November 1979 | $40.80 | $180 |
| 2008 spike | July 2008 | $132.80 | $202 |
| 2011-14 plateau | April 2011 | $116.20 | $173 |
| 2022 spike | June 2022 | $116.80 | $132 |
| 2026 | April 2026 | $103.90 | $105 |
July 2008 is the record both ways. The 1979 peak of $40.80 a barrel looks small next to today’s prices but was worth about $180 in today’s dollars, more than the 2022 spike. The lowest monthly average since 2000 was $18.50 in December 2001; in April 2020 it was $21.00.
Every oil crash of 40% or more
| PEAK | LOW | FALL | MONTHS TO LOW | BACK TO THE PEAK |
|---|---|---|---|---|
| November 1979$40.80 | July 1986$9.60 | −76.5% | 80 | August 2004, 24.8 years |
| October 1990$34.50 | March 1994$13.60 | −60.6% | 41 | May 2004, 13.6 years |
| October 1996$23.60 | December 1998$10.40 | −55.9% | 26 | November 1999, 3.1 years |
| November 2000$32.30 | December 2001$18.50 | −42.7% | 13 | February 2003, 2.3 years |
| July 2008$132.80 | December 2008$41.30 | −68.9% | 5 | not yet |
| March 2012$117.80 | January 2016$29.80 | −74.7% | 46 | not yet |
| October 2018$76.70 | April 2020$21.00 | −72.6% | 18 | October 2021, 3 years |
| June 2022$116.80 | December 2025$60.90 | −47.9% | 42 | not yet |
A fall counts from a peak to the lowest monthly average before a 40% rally off that low. “Back to the peak” is the first month the average was at or above the old peak, in dollars of the day.
Three of the 8 peaks have never been regained on monthly averages: 2008, 2012 and 2022. The November 1979 peak took 24.8 years. The 2008 crash was the fastest, five months from top to bottom.
Every oil spike of 75% or more in a year
| 12 MONTHS TO | FROM | TO | RISE |
|---|---|---|---|
| January 1974 | $2.10 | $13.00 | +519% |
| November 1979 | $13.20 | $40.80 | +209% |
| July 1987 | $9.60 | $19.60 | +104% |
| October 1990 | $18.40 | $34.50 | +88% |
| February 2000 | $10.80 | $27.20 | +152% |
| June 2008 | $68.20 | $131.50 | +93% |
| December 2009 | $41.30 | $74.90 | +81% |
| January 2017 | $29.80 | $53.60 | +80% |
| April 2021 | $21.00 | $63.00 | +200% |
Four of the 9 were rebounds from a crash low (to 1987, 2009, 2017 and 2021). The largest single-month moves since 1960 were January 1974 (+217%), August 1990 (+54%) and October 1973 (+52%).
2026: the jump
Oil started 2026 low: $60.90 in December 2025, the lowest monthly average since February 2021 and the bottom of a 48% slide from June 2022. In March 2026 the monthly average jumped 41%, the seventh-largest monthly move since 1960, and reached $103.90 in April 2026 (Brent averaged $120.40 that month). It fell back to about $80 by July and rose again to $102.30 in September 2026.
The US Energy Information Administration’s September 2026 Short-Term Energy Outlook describes oil flows through the Strait of Hormuz recovering only gradually, Middle East production below pre-conflict averages until the second quarter of 2027, and global inventories down an estimated 400 million barrels so far this year. It forecasts Brent at $91 for 2026 and $74 for 2027. That is EIA’s account and forecast; this page does not make one.
Oil price by year, 1960 to 2026
| YEAR | AVERAGE | TODAY’S $ | WTI | HIGH MONTH | LOW MONTH | CHANGE |
|---|---|---|---|---|---|---|
| 2026 (to Sep) | $86.64 | $87.32 | $83.86 | $103.90Apr | $63.70Jan | +28.5% |
| 2025 | $67.42 | $70.13 | $64.89 | $78.20Jan | $60.90Dec | −14.4% |
| 2024 | $78.72 | $84.09 | $75.85 | $88.00Apr | $72.30Nov | −2.5% |
| 2023 | $80.77 | $88.78 | $77.67 | $92.20Sep | $73.30Jun | −16.8% |
| 2022 | $97.10 | $111.19 | $94.44 | $116.80Jun | $78.10Dec | +40.6% |
| 2021 | $69.08 | $85.26 | $67.97 | $82.10Oct | $53.60Jan | +67.5% |
| 2020 | $41.25 | $53.36 | $39.32 | $61.60Jan | $21.00Apr | −32.8% |
| 2019 | $61.42 | $80.47 | $57.02 | $68.60Apr | $56.60Jan | −10.2% |
| 2018 | $68.36 | $91.17 | $64.83 | $76.70Oct | $54.00Dec | +29.4% |
| 2017 | $52.82 | $72.17 | $50.92 | $61.20Dec | $46.20Jun | +23.4% |
| 2016 | $42.81 | $59.69 | $43.20 | $52.60Dec | $29.80Jan | −15.6% |
| 2015 | $50.75 | $71.72 | $48.72 | $62.50May | $36.60Dec | −47.3% |
| 2014 | $96.24 | $136.14 | $93.12 | $108.40Jun | $60.70Dec | −7.5% |
| 2013 | $104.08 | $149.67 | $97.93 | $108.80Sep | $98.90Apr | −0.9% |
| 2012 | $105.03 | $153.25 | $94.17 | $117.80Mar | $90.70Jun | +1.0% |
| 2011 | $103.99 | $154.84 | $95.06 | $116.20Apr | $92.70Jan | +31.6% |
| 2010 | $79.03 | $121.40 | $79.43 | $90.00Dec | $74.60Jul | +28.0% |
| 2009 | $61.76 | $96.28 | $61.65 | $77.60Nov | $41.80Feb | −36.3% |
| 2008 | $96.99 | $150.46 | $99.55 | $132.80Jul | $41.30Dec | +36.4% |
| 2007 | $71.12 | $114.73 | $72.29 | $91.30Nov | $53.50Jan | +10.6% |
| 2006 | $64.29 | $106.80 | $66.03 | $72.50Jul | $57.90Oct | +20.4% |
| 2005 | $53.38 | $91.47 | $56.46 | $61.90Aug | $43.00Jan | +41.5% |
| 2004 | $37.73 | $66.86 | $41.42 | $46.90Oct | $31.30Feb | +30.5% |
| 2003 | $28.92 | $52.66 | $31.09 | $32.90Feb | $25.60Apr | +16.0% |
| 2002 | $24.93 | $46.40 | $26.09 | $28.30Sep | $19.20Jan | +2.4% |
| 2001 | $24.34 | $46.05 | $25.92 | $27.50May | $18.50Dec | −13.8% |
| 2000 | $28.23 | $54.90 | $30.33 | $32.30Nov | $23.50Apr | +56.1% |
| 1999 | $18.09 | $36.31 | $19.26 | $25.10Dec | $10.80Feb | +38.4% |
| 1998 | $13.07 | $26.86 | $14.35 | $15.00Jan | $10.40Dec | −31.8% |
| 1997 | $19.17 | $40.01 | $20.32 | $23.20Jan | $17.10Dec | −6.2% |
| 1996 | $20.43 | $43.59 | $22.08 | $23.60Oct | $17.70Feb | +18.9% |
| 1995 | $17.18 | $37.76 | $18.36 | $18.60Apr | $16.10Jul | +8.1% |
| 1994 | $15.89 | $35.90 | $17.20 | $17.90Jul | $13.60Mar | −5.7% |
| 1993 | $16.85 | $39.09 | $18.59 | $18.50Mar | $13.80Dec | −11.4% |
| 1992 | $19.02 | $45.41 | $20.58 | $20.80Jun | $17.40Jan | −1.9% |
| 1991 | $19.39 | $47.70 | $21.51 | $22.60Jan | $17.80Dec | −15.3% |
| 1990 | $22.89 | $58.47 | $24.52 | $34.50Oct | $15.30Jun | +28.2% |
| 1989 | $17.85 | $48.22 | $19.62 | $19.40Dec | $16.40Feb | +21.2% |
| 1988 | $14.73 | $41.79 | $15.99 | $16.50Jan | $12.20Oct | −18.9% |
| 1987 | $18.16 | $53.54 | $19.18 | $19.60Jul | $16.60Dec | +26.4% |
| 1986 | $14.37 | $43.90 | $15.11 | $24.70Jan | $9.60Jul | −47.1% |
| 1985 | $27.19 | $84.69 | $27.80 | $28.60Nov | $26.40Jun | −4.8% |
| 1984 | $28.57 | $92.18 | $29.38 | $29.60Apr | $26.80Dec | −3.7% |
| 1983 | $29.68 | $99.82 | $30.43 | $30.70Jan | $28.30Mar | −9.1% |
| 1982 | $32.65 | $113.35 | $32.78 | $35.00Jan | $30.20Mar | −8.0% |
| 1981 | $35.49 | $130.97 | – | $39.80Jan | $32.70Jun | −3.8% |
| 1980 | $36.88 | $150.03 | – | $40.30Nov | $32.80Sep | +19.0% |
| 1979 | $30.98 | $141.96 | – | $40.80Nov | $17.50Jan | +139.6% |
| 1978 | $12.93 | $66.42 | – | $14.50Dec | $12.70Jan | +3.0% |
| 1977 | $12.55 | $69.38 | – | $12.70Oct | $12.40Apr | +8.0% |
| 1976 | $11.62 | $68.43 | – | $11.90Oct | $11.50Jan | +11.4% |
| 1975 | $10.43 | $64.91 | – | $10.50Oct | $10.40Jan | −4.9% |
| 1974 | $10.97 | $74.86 | – | $13.00Jan | $10.00Jul | +287.6% |
| 1973 | $2.83 | $21.20 | – | $4.10Oct | $2.10Jan | +53.0% |
| 1972 | $1.85 | $14.82 | – | $1.90Jul | $1.80Jan | +12.1% |
| 1971 | $1.65 | $13.65 | – | $1.70Jul | $1.60Jan | +37.5% |
| 1970 | $1.20 | $10.36 | – | $1.20Jan | $1.20Jan | −7.7% |
| 1969 | $1.30 | $11.87 | – | $1.30Jan | $1.30Jan | 0.0% |
| 1968 | $1.30 | $12.52 | – | $1.30Jan | $1.30Jan | 0.0% |
| 1967 | $1.30 | $13.06 | – | $1.30Jan | $1.30Jan | −7.1% |
| 1966 | $1.40 | $14.45 | – | $1.40Jan | $1.40Jan | 0.0% |
| 1965 | $1.40 | $14.88 | – | $1.40Jan | $1.40Jan | −6.7% |
| 1964 | $1.50 | $16.20 | – | $1.50Jan | $1.50Jan | 0.0% |
| 1963 | $1.50 | $16.41 | – | $1.50Jan | $1.50Jan | 0.0% |
| 1962 | $1.50 | $16.61 | – | $1.50Jan | $1.50Jan | −6.2% |
| 1961 | $1.60 | $17.93 | – | $1.60Jan | $1.60Jan | 0.0% |
| 1960 | $1.60 | $18.12 | – | $1.60Jan | $1.60Jan | – |
Average of the twelve monthly averages (Brent, Dubai and WTI equally weighted); “today’s $” in August 2026 dollars; WTI from 1982. Change is against the previous year’s average.
How much oil moves in a month
| ERA | TYPICAL MONTH | 1 MONTH IN 20 | BIGGEST |
|---|---|---|---|
| 1960 to 1972 | 0% | 1.7% or more | 33.3%January 1971 |
| 1973 to 1985 | 0.9% | 12.9% or more | 217.1%January 1974 |
| 1986 to 1999 | 5.1% | 18.7% or more | 53.5%August 1990 |
| 2000 to 2019 | 5.1% | 16.4% or more | 27.1%October 2008 |
| 2020 to now | 6.1% | 29.9% or more | 44.8%May 2020 |
Before 1973 the monthly average barely moved. Since 2020 a typical month has moved about 6.1% and 1 month in 20 by 29.9% or more, the largest typical and 1-in-20 moves of any era in the table.
Oil against gold
In September 2026 an ounce of gold bought 42.2 barrels of crude. Since August 1971, when the gold price floated, the middle value is 17 barrels; the range runs from 6.8 in June 2008, at oil’s 2008 peak, to 80.1 in April 2020, at its 2020 low. The latest figure is higher than in 95.5% of months: even after the 2026 jump, oil is cheap measured in gold. Gold’s side of that is in gold price history, and the same history for copper and aluminum in copper price per pound and aluminum price per pound.
How we measured it
Prices: World Bank Commodity Price Data (the Pink Sheet), release of 2 October 2026, monthly averages in US dollars per barrel: “crude oil, average” (Brent, Dubai and WTI spot, equally weighted; Saudi Arabian Light stands in for Dubai before 1985), Brent, and WTI from 1982. Inflation: BLS CPI-U to August 2026; September 2026 is deflated with August 2026’s index. Falls and spikes: on monthly averages, so daily highs and lows were further apart. Gold: the World Bank monthly average in the same release. This page is a record of the past, not a forecast.
Common questions
What was the highest oil price ever?
On monthly averages, $132.80 a barrel in July 2008 (Brent $133.90; WTI $133.90 in June 2008). That is also the record after inflation: about $202 in August 2026 dollars. Single days went higher than any monthly average.
What is the price of oil in 2026?
It averaged $102.30 a barrel in September 2026 (Brent $116.80, WTI $96.90), up from $60.90 in December 2025, a rise of 68%. The 2026 monthly high so far was $103.90 in April 2026, below the 2008 and 2022 peaks.
What was the price of oil in 1980?
It averaged $36.88 a barrel in 1980, about $150 in August 2026 dollars. In 1970 it was $1.20, about $10 today.
How far has oil fallen in a crash?
The deepest fall since 1960 on monthly averages was −76.5%, from November 1979. The fastest was 2008: −68.9% in five months. There have been 8 falls of 40% or more.
How many barrels of oil does an ounce of gold buy?
42.2 barrels in September 2026, against a middle value of 17 since 1971. It has ranged from 6.8 in June 2008 to 80.1 in April 2020.