Brent crude prices in the spot market briefly surged to around $144 per barrel before easing as markets adjusted. Yet as ADB notes in its report - despite this unprecedented supply shock, crude oil prices did not reach levels seen during the 1973 Arab oil embargo or even the 1990 Gulf war, if one were to inflation-adjust the prices.
Brent crude prices in the spot market briefly surged to around $144 per barrel before easing as markets adjusted. Yet as ADB notes in its report - despite this unprecedented supply shock, crude oil prices did not reach levels seen during the 1973 Arab oil embargo or even the 1990 Gulf war, if one were to inflation-adjust the prices.
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