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1990 oil price shock

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The 1990 Oil Price Shock | Thames News

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Oil prices steady after hitting 21 year high

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Oil crisis looms as prices push past $38 a barrel

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Oil price shocks affecting stock prices

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The Russian Crisis Explained in Two Minutes

The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s. Average monthly price of oil rose from $17 per barrel in July to $36 per barrel in October. As the U.S.-led coalition experienced military success against Iraqi forces, concerns about long-term supply shortages eased and prices began to fall.