Only the 38th largest oil price spike since 1990
DB’s Jim Reid’ s Chart of the Day shows the daily change in oil prices since 1990. At the time of publication, oil’s rise (+8.4%) was on track to become the 38th largest daily gain over this 36-year period. The chart shows the clusters where the larger price movements have occurred.
So even though it is a big move, the price would have to rise +9.6%, +13.6%, and +13.9% respectively to be in the top 20, 10, and 5.
There were huge price movements around the GFC (Great Financial Crash) and the Covid-19 unrest, while the 1990-91 Gulf War also saw several double-digit gains.
Looking ahead, Reid states that much will depend on the Strait of Hormuz.
It appears that the street is not officially closed, but passage would be risky at this time due to self-imposed restrictions from virtually all parties that normally pass through it.