Comparing oil shocks in the wake of the Russian invasion of Ukraine
Featured in: Charts of the Week on March 11
We published this chart as markets reacted to Russia’s invasion of Ukraine. As crude prices increased sharply, we drew parallels with famous oil shocks (and recessions) dating back to the famous OPEC embargo crisis of 1973.
Since March, oil prices have fallen back below their long-term trend, but all eyes are on prospects for a recession in 2023.