Oil prices spiked when Russia invaded Ukraine in 2022

See a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.

Breaking down Europe's reliance on Russian energy (preinvasion)

One side effect of the Russian-Ukraine conflict is how it underscored European dependence on Russian natural gas and oil. This article, published days before the Russian attacks, outlines and illustrated how much gas and oil flows from Russia to Europe and the potential for either side to use sanctions to get what they want.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

Russia's full-scale invasion of Ukraine began on Feb. 24, 2022

Russia launched a massive multifront assault from Belarus, Russia, and Crimea, aiming to seize Kyiv within days. Instead, Ukrainian forces repelled the advance, halting Moscow's plans for a rapid takeover.

The Russia-Ukraine war greatly affected the global food supply

Russia's invasion devastated Ukraine's agricultural sector, destroying farms, ports, and grain infrastructure and causing over $40B in losses. Disrupted exports fueled global food insecurity, while Moscow leveraged its grain exports to expand influence across the Global South.

Fighting in eastern Ukraine killed thousands in the years before Russia's full invasion

From 2014 to 2022, fighting between pro-Russian separatists and Ukrainian forces in the Donbas region killed roughly 14,000 people and left many cities in ruins, setting the stage for Russia's 2022 invasion.

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

The day Russia invaded Ukraine—an oral history

Experience the slow build-up to the Russian-Ukraine war, to the moment when it was clear Putin intended to invade, to the actual invasion and occupation in this oral history compiled by Politico. Multiple US and Western officials share their perspectives and thoughts on the war, how it's been conducted, and what can happen next.

Russia's invasion of Ukraine has destabilized safety and oversight at Chernobyl

Russian forces cut power and disabled monitoring of the decommissioned nuclear power plant in 2022, endangering operators at Chernobyl. In February 2025, a Russian drone struck the confinement structure—part of broader efforts to pressure Ukraine's energy infrastructure—punching a hole in the containment shell.

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in terms of casualties, forces mobilized, and displacement of civilians.

Protests in Ukraine from 2013 to 2014 set the stage for the current conflict.

Note: graphic content.

The value of fracking is dependent on international energy markets

Russia's war in Ukraine spurred calls in the US to increase fracking, which has historically reduced dependence on foreign nations and increased national security. However, some experts argue that renewable energy provides even better energy independence, as fracking investments may not be worthwhile if importing fossil fuels is significantly cheaper.

Unless prices of fossil fuels rise significantly, their production is expected to slow

US oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies.

OPEC's 1973 embargo sparked the first global energy shock.

How disruptions in oil markets can drive up the price of everyday goods

Most types of plastic are made from polymers derived from chemicals produced by the processing and refining of crude oil and natural gas. Spikes in the cost of either fossil fuel raise the cost of wrappings, tubs, and other plastic containers for products.

NATO condemned Russia's 2022 invasion of Ukraine

While Ukraine is not a member, NATO responded forcefully to the Russian invasion of the country in 2022. This page from the NATO website offers answers to frequently asked questions about NATO’s response to the invasion, specifically on how NATO is aiding Ukraine.

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

The recorded history of crude oil use dates back about 5,000 years, with the Babylonians using it to waterproof their boats and as mortar in the construction of structures.

Why have gas prices surged nearly 27% since the Iran war began?

Oil passing through the Strait of Hormuz makes up only about 7% of US crude imports. However, crude oil prices account for 51% of the cost of a gallon of gas in the US. US refiners pay the Brent crude futures price, even for domestic drilling.

Iran's 1979 revolution sparked a second oil shock—and reconfigured global energy markets.

Beyond oil, the Iran war has pushed up costs on fertilizer, prescriptions, and mortgages.

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

Oil markets are seeing higher costs and lower prices amid tech breakthroughs

Experts say oil demand has not yet reached its peak. Recent technological breakthroughs in the oil industry include advances in drilling and extraction, as well as subsurface technologies.

Many countries remained neutral after Russia's invasion of Ukraine

Following Russia's 2022 invasion of Ukraine, few nations outside the West imposed sanctions on Moscow. Major powers such as China, India, Brazil, and Turkey remained neutral, underscoring global divisions over how to confront Russian aggression.

The first year of war in Ukraine, in photos

The Russian/Ukrainian war grows more real in this series of photographs from Associated Press News. Showing the effects of war on soldiers and civilians alike, the photographs turn an unflinching eye on the injuries and fatalities wrought by the conflict, now in its second year after Russia's invasion in 2022.

View a breakdown of worldwide oil production since 1900, mostly led by the US

When analyzing the production of crude oil, shale oil, oil sands, and condensates since the start of the 20th century, Saudi Arabia produced more crude oil only in 1977, from 1979 to 1981, and from 1991 to 2016. Nations such as Iraq and the United Arab Emirates produced much smaller quantities than both Saudi Arabia and the US.

Pro-Russian separatists seized cities in eastern Ukraine in 2014

After Russia's annexation of Crimea, armed pro-Russian separatists seized government buildings in Donetsk and Luhansk in April 2014, declared the regions independent, and sparked a prolonged conflict with Ukrainian forces.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

How key commodities have performed since 2019, visualized

Due in part to factors such as the COVID-19 pandemic and global supply chain issues, commodities experienced significant volatility from 2019 to 2025. For instance, coffee bean prices saw major swings in recent years due to climate challenges in countries including Brazil and Vietnam.

A deep dive on the weapons being used by both sides

From ballistic missiles to armed drones, Russia’s invasion of Ukraine is proving the devastating power of modern weaponry. This infographic illustrates and explains the uses and effects of the weapons of choice for both sides of the conflict. Tactics are also explored in regards to their efficacy and consequences, with expert commentary added.

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

As of 2022, the US accounted for nearly one-fifth of global oil production

By 2022, the US had cemented its position as the world’s top oil producer with close to 18 million barrels per day. This eclipsed Saudi Arabia and Russia.

A report found that the 2026 Iran war is the largest oil supply disruption in history.

Ukraine's pro-Russian President halted an EU deal in 2013, leading to a mass protest movement

In late 2013, President Viktor Yanukovych suspended preparations for a long-negotiated EU association agreement under Russian pressure, signaling a return to Moscow's influence and sparking mass Euromaidan protests across Ukraine.

OPEC often intervenes to influence the price of oil

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

Breaking down Western military weapons in Ukraine

Since the beginning of the Russian invasion of Ukraine in February 2022, Western military aid has helped dictate Ukraine's capability and strategy on the battlefield. From advanced ground-launched missiles to millions of rounds of ammunition, the supplies have been critical for Ukraine but force Western countries to tip-toe around the appearance of direct conflict with Russia. This visual deep-dive breaks down some of the most important military aid to date.

Russia's invasion of Ukraine accelerated fractures in the rules-based international order

This piece examines how the Ukraine conflict intensified underlying divisions in the global order—between Western democracies and the Global South, and between rule-of-law norms and great-power politics.

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

Russian forces seized Ukraine's Crimean Peninsula in 2014

Days after Ukraine's 2014 revolution, unmarked Russian troops occupied key sites in Crimea, a Black Sea peninsula with a predominantly Russian-speaking population that had been part of Ukraine since 1954.

See the progress of the war in this interactive, visual timeline

Follow the progress Russian/Ukrainian War through this interactive map. Watch as events develop, get a daily overview of movements, and switch back and forth between different dates and time periods during the conflict. Results will change in real time and depending on all available information about troop movements and more.

The US exported more crude oil and petroleum products than it imported in 2025

In fact, the US has been exporting more oil and petroleum products than it imports since August 2021. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, whereas imports totaled about 7.9 million barrels per day.

Ukraine's contested Donbas region: a visual explainer

Russia's heavily industrialized eastern Donbas region has been largely controlled by Russian separatists since 2014. Here's everything you need to know on the key strategic region.

Since its introduction, the price of bitcoin has experienced significant volatility

Driven in large part by speculation and intense social media attention during the pandemic, along with the availability of capital during near-zero interest rate periods, the price has seen at least three major crashes despite steadily increasing over the long run since 2014.

Hear Steve Ballmer explain how US gas prices are affected by the global price of oil.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

The number of annual oil spills has dropped dramatically since the 1970s

Oil spills from oil tankers—which can have a sharp, short-term impact on oil prices—have become increasingly rare over the decades in part because of stricter regulations.

The price of crude oil accounts for roughly half of the price displayed at the gas pump

Russia controls about 20% of Ukraine's territory

As of February 2026, Russian forces occupy roughly one-fifth of Ukraine, including Crimea and large parts of the Donetsk, Luhansk, Zaporizhzhia, and Kherson regions, with front lines largely unchanged for months.

The US shipped nearly 4 billion barrels of oil abroad in 2024

More than half of the US’s oil is exported as the country produces mainly light, sweet crude but has many refineries that handle heavy, sour types.

About 10% of the world's crude oil and 32% of its natural gas is reached via fracking

Most of the world's shale oil resources—which are recoverable via fracking—are found in Russia, the US, China, Argentina, and Libya. The majority of equivalent shale gas resources are found in China, Argentina, Algeria, the US, Canada, and Mexico.