Benchmark oil contract Brent North Sea on Thursday topped $100 per barrel for the first time in more than seven years, this time on supply fears after major producer Russia attacked Ukraine.
Brent surged as high as $100.29 — a level last seen in 2014.
That capped a meteoric rise over almost two years since crude fell into negative territory for the first time.
In early 2020, oil briefly turned negative following the onset of the coronavirus pandemic that shut offices and factories — and grounded planes worldwide.
Read more: Oil prices go 7-year high: Danger for Pakistan
Oil prices rocketed last year to around $70 per barrel as economies reopened from lockdowns, sparking a surge in demand for crude.
Brent’s record high stands at $147.50 per barrel.
Here is a timeline of when oil had previously topped $100.
2012: Iran crude embargo
Oil started the year above $100 after Western powers imposed a raft of economic sanctions on Iran, including crude exports, aimed at halting its controversial nuclear programme.
2011: Arab Spring
Brent soared to $127 in March 2011 following unrest in the oil-producing Middle East and North Africa region.
As Russia launches full-scale war:
-Pakistan Stock Exchange crashed losing 1138 points
-Oil tops $100 for the first time since 2014, we can translate it to 190Rs with current conversion rate, in 2014 price was 122Rs in Pakistan
-Gas prices are expected to touch 17000PKR/MMBTU— Economy of Pakistan (@Pakistanomy) February 24, 2022
The market rebounded after the so-called Arab Spring uprisings toppled the long-standing leaders of Tunisia, Egypt and Yemen, while unrest also rocked other parts of the region, especially crude producer Libya.
2008: Record-high $147
On July 11, 2008, Brent hit a record high of $147.50 per barrel, having breached $100 at the start of the year for the first time.
Crude surged thanks to falling stockpiles in the United States, strong Chinese demand and unrest in key OPEC members Iran and Nigeria.
A weaker dollar also lent strong support, making crude, priced in the currency, cheaper for buyers holding other currencies.
Read more: Asian refiners keen to resume Iranian oil imports as high prices bite
But by December 2008, Brent had tanked to sit at around $36 owing to severe economic recession worldwide in the wake of the global financial crisis.
AFP with additional input by GVS News Desk