Saudi Arabia supports a crude oil price hike during a late-month OPEC meeting. NYMEX Futures prices exceed $22 per barrel..

Oil prices plunge on speculation that Iraq will accept U.N. missile test site inspections and receive approval to resume oil exports.

Following U.S. cruise missile strikes on military facilities in southern Iraq, crude oil prices rise as the market speculates when Iraq will begin exporting oil under U.N. Resolution 986. Benchmark Brent Blend for October rises above $22/barrel amidst the uncertainty. The U.S. attack follows an raqi-supported invasion of Kurdish safe haven areas in the country's northern area. Subsequently, President Bill Clinton states that the U.N. oil-for-food sale should be postponed indefinitely.

The United States Supreme Court overturns the State of Washington's law establishing state regulation of oil tankers, ruling unanimously that federal laws take precedence. The attempt to impose tougher regulatory standards came in the wake of the 1989 Exxon Valdez disaster in Alaska. New York Mercantile Exchange front-month West Texas Intermediate crude oil futures contract closes at $34.13 per barrel, the highest level in nine years.

Oil prices close at $37.20 on the New York Mercantile Exchange (NYMEX), after trading as high as $37.80 during the day's trading session. The price spike comes amid an increase in tensions between Iraq and Kuwait. This level sets a new tenyear high for NYMEX crude oil.

Oil prices rise sharply on news of a terrorist attack on an American warship, the USS Cole, in the Yemeni port of Aden, as well as escalating violence between Palestinians and Israeli security forces. November crude oil on the New York Mercantile Exchange (NYMEX) rises $2.81 to close at $36.06 per barrel.

Natural gas prices in the United States surge above $10 per million British Thermal Units (BTUs) first time ever in response to cold weather and stockdraws reported by the American Gas Association

Natural gas futures plunge 6% to a 10-month low on speculation that growing U.S. inventories will help power plants meet summer demand for airconditioning. The price for June delivery fell 23.5 cents, to $3.738 per million British thermal units on the New York Mercantile Exchange (NYMEX). Natural gas prices had reached a high of $10.10 per million Btu on December 27, 2000, but then fell sharply beginning in late January 2001.

Faced with declining oil prices, OPEC ministers agree to cut crude oil production quotas by about 4%, or one million barrels per day. The cut will take effect September 1, and is aimed at maintaining the price of the OPEC basket of crude oils at around $25 per barrel. Crude oil futures for September delivery climbed 47% per barrel, to $26.78, on the New York Mercantile Exchange (NYMEX) after the announcement.

Oil prices decline sharply, after an initial spike to $31 per barrel, following the September 11, 2001 terrorist attacks on the United States, largely on increased fears of a sharper worldwide economic downturn. Crude oil and petroleum products futures fall to their lowest levels in nearly two years amid fears that a recession will reduce energy demand. At the New York Mercantile Exchange (NYMEX), crude oil set for October delivery falls $3.96 to $22.01 per barrel, and crude oil for November delivery falls $3.82 to $22.44 per barrel. Over the past six trading sessions crude oil and gasoline futures have fallen more than 26% and heating oil futures have fallen nearly 29%.

Crude Oil for November delivery falls to its lowest level since August 1999 on the New York Mercantile Exchange (NYMEX). Light, sweet crude falls 50% per barrel to settle at $21.31 per barrel. Brent crude for December delivery closed at $20.36 at London's International Petroleum Exchange (IPE), down 37% per barrel. Poor economic prospects in the next few months, and OPEC's inability to respond so far are seen as factors contributing to the sliding prices of crude oil.

Crude oil for December delivery on the New York Mercantile Exchange (NYMEX) falls to a two-year low after OPEC members warn that a downward price spiral could occur if major non-OPEC oil exporters do not reduce oil production. The NYMEX price settles at $19.92 per barrel, down 10% per barrel from the low of November 5, and the first time it has been under $20 per barrel since mid-1999.

Crude oil prices on the New York Mercantile Exchange (NYMEX) record one of their largest one-day jumps of the year as traders become convinced that OPEC will follow through on production cuts. Prices per barrel for February delivery settle at $20.27 per barrel, an increase of $1.65, or 8.4% higher than the December 21 closing price (the last day of trading before the holiday weekend). Also contributing to the price increase was the return of cold weather to the northeastern United States and forecasts that show that the cold weather pattern may continue. Nevertheless, prices are still considerably lower than one year ago.

Light, sweet crude oil for April delivery on the NYMEX closes at $23.71, the highest price since September 21, 2001, when oil prices had temporarily spiked because of the September 11 terrorist attack. Oil prices have been on the rise because of OPEC and non-OPEC production cuts, an improving U.S. economy, and concern over U.S. intentions toward Iraq.

The NYMEX near-month crude oil futures price closes above $30 per barrel for the first time since February 2001. Concern over possible conflict in Iraq, OPEC quotas, and declining crude oil and product stocks are among the factors leading to a nine-straight-session rise in NYMEX prices.

The near-month crude oil futures price on the NYMEX tops $30 per barrel for the first time since October 2, as the general strike in Venezuela impacts the world oil market. Later in the month, on December 27, the near-month crude oil futures price rises to $32.72 per barrel, the highest price since November 2000.

The near-month crude oil futures price on the NYMEX settles at $34.61 per barrel, the highest price since November 29, 2000. The market is experiencing a variety of higher price pressures, including the strike in Venezuela, fears of a conflict in Iraq, a cold winter in the United States, and low commercial oil stock levels in the United States.

The near-month (April) crude oil futures price at the NYMEX settles at $37.83 per barrel, the highest near-month settlement price (in nominal terms) since October 1990. This comes as EIA reports today that commercial crude oil inventories for the previous week declined by 3.8 million barrels to 269 million barrels. This is below the 270 million barrel lower operational inventory level, which, while not implying shortages, operational problems, or price increases, is indicative of a situation where inventory-related supply flexibility could be constrained or nonexistent. This heightens supply concerns before an impending war in Iraq.

After Coalition forces have pushed further into Iraq securing most of the southern oilfields over the weekend, Kuwaiti fire fighters are able to enter Iraq and are able to extinguish one of the wellhead fires. Iraq's southern fields represent about 40% of the country's output. Damage is assessed to be relatively minimal. Some pockets or Iraqi resistance in the southern oilfields remain, however. Furthermore, heavy Iraqi resistance in some parts of Iraq gives rise to market speculation that the war could last longer than initially thought. The NYMEX near-month crude oil price rises 6.5%, to settle at $28.66 per barrel, as the war in Iraq as well as the situation in Nigeria have traders concerned.

Oil prices fall 4% on the news that U.S. military forces capture Saddam Hussein near his hometown of Tikrit, Iraq.

Near-month crude oil futures on the NYMEX reach a record nominal settlement high of $42.33 per barrel, with traders thought to be reacting to the weekend terrorist attacks in Saudi Arabia on top of an already tight market. This is the highest nominal settlement price since the founding of the NYMEX crude oil futures market in 1983.

The NYMEX WTI prompt month crude oil contract price closes at an alltime high of $55.17 per barrel after the Energy Information Administration reports a fifth straight weekly decrease in U.S. heating oil stocks. Lasting effects from Hurricane Ivan have also forced the shut-in of natural gas and crude oil production from the Gulf Coast. 2000.

Tan explosion at BP's Texas City oil refinery kills 15 people and injures more than 70. In part due to market fears that the refinery blast will curtail gasoline supplies, the NYMEX WTI prompt month crude oil contract increases $1.03 to close at $54.84 per barrel. The 460,000-bbl/d refinery accounts for approximately 3% of U.S. refining capacity; however, the refinery blast did not significantly affect actual U.S. gasoline production.

U.S. President George Bush directs DOE to release as much as 30 million barrels of crude oil from the SPR. This release, in the form of an online auction, comes after DOE has already released 13.2 million barrels of crude oil under short-term exchange agreements. The auction is a response to the impact of Hurricane Katrina on U.S. oil production in the Gulf of Mexico (GOM) region, and it is the first emergencyinduced release from the SPR since the 1990-1991 Gulf War. Further, the International Energy Agency (IEA) agrees to release an additional 30 million barrels of oil from the commercial stocks held by its member countries.

Hurricane Rita makes landfall along the US Gulf Coast. Energy companies operating in the region had shut in almost all oil and natural gas production in anticipation of the storm. Refiners also had shut in over 3.9 million bbl/d of refining capacity, which, along with the refining capacity already shut down due to damage caused by Hurricane Katrina, represents over one-quarter of total US capacity. Many refineries begin to restart immediately following the storm, and oil and natural gas companies return to offshore platforms to assess damage. However, significant effects of Hurricane Rita continue to linger into 2006

The front-month price of West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closes above $75 for the first time in the history of the contract. A combination of rising global demand and geopolitical instability contribute to the higher price.

Iranian naval vessels seize 15 British marines and sailors in the Persian Gulf near the maritime border of Iraq and Iran, accusing the British military personnel of straying into Iranian waters. The incident occurs amid rising diplomatic tensions at the United Nations over Iran's nuclear program, and helps push up world oil prices. As of March 30, the front-month price of West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) settles at $65.87, up from an average of $59 per barrel in February. Iran is a significant exporter of oil, with currently available trade statistics putting Iran's crude oil exports at 2.6 2.7 million bbl/d in 2006.

Ruling party candidate Umaru Yar'Adua is declared the winner of the presidential election in Nigeria, while opposition candidates dispute the results and cite irregularities in the elections. Uncertainty surrounding possible unrest and violence in Nigeria's oil-producing regions following the election results helps push up world oil prices, with the price of front-month West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) settling at $65.89, up $2.51 from the previous closing price on Friday April 20. Oil supply disruptions from attacks against Nigeria's oil infrastructure since February 2006 have led to the shut-in of 587,000 bbl/d of production capacity.

The nominal WTI crude oil price passed the $100 mark on the NYMEX, settling at a record high of $100.01 per barrel, the first time the near-month contract ever settled above $100 per barrel. Tight fundamentals evidenced by low levels of surplus capacity continue to put upward pressure on oil prices.

Saboteurs blew up one of Iraq's two main oil export pipelines in southern Iraq, cutting about half a million barrels a day of oil exports, about a third of crude exports through Basra. Crude was trading up more than $1 at close to $107 a barrel after news of the attack. Iraq exported 1.54 million barrels per day from its main Basra oil terminal in February.

President Bush signed into law a bill that temporarily halts adding oil to the Strategic Petroleum Reserve, the measure Congress passed in an effort to lower gasoline prices. The legislation forbids adding to the stockpile until crude prices drop below $75 a barrel. Later the NYMEX near-month WTI contract rose to over $130 per barrel for the first time, settling at $133.17 per gallon.

The NYMEX near-month WTI contract rose to over $140 per barrel for the first time, settling at $140.21 per barrel. Oil prices have doubled from $70 a year ago.

Oil prices dropped by more than $18 in the past week to $128.88 per barrel from the all-time peak of $147.27 set on 7/11. The fall in price was triggered by a 3 million barrel increase in U.S. crude stocks and falling U.S. demand according to data from the EIA, and as a fresh diplomatic initiative from Washington diluted tension over Iran.

U.S. crude oil futures settled below the $100 a barrel level for the first time since March 4, 2008, after the damage wrought by Hurricane Ike was less than feared. Lehman Brothers Holdings Inc's bankruptcy filing and fears about other financial institutions also weighed on oil futures. Oil prices soared more than 15 percent on Monday Sep 22nd , the biggest one-day gain on record, continuing a rally sparked by the expiry of the front-month futures contract and the U.S. rescue plan for its financial sector. WTI for October delivery settled up $16.37 at $120.92 per barrel. The contract for delivery in November, which was much more actively traded, was up only $6.62 at $109.37.