The 2022 Oil Price Spike: WTI and Brent After Russia's Invasion of Ukraine
EIA's WTI spot price was $92.14 per barrel on Feb 23, 2022, the last published price before Russia's full-scale invasion of Ukraine on February 24, 2022. It then peaked at $123.64 on Mar 8, 2022, a rise of $31.50 (34.2%) over 13 days. From that peak it fell to $71.05 by Dec 9, 2022, a fall of $52.59 (42.5%) over 9 months. (Before Feb 23, 2022, the window also includes a low of $65.44 on Dec 1, 2021.)
Daily spot prices, Dec 1, 2021 – Dec 30, 2022
Chart data table (279 rows)
| Period | WTI | Brent |
|---|---|---|
| Dec 30, 2022 | $80.16 | $82.82 |
| Dec 29, 2022 | $78.43 | $80.96 |
| Dec 28, 2022 | $78.89 | $81.70 |
| Dec 27, 2022 | $79.45 | — |
| Dec 23, 2022 | $79.57 | $82.45 |
| Dec 22, 2022 | $77.68 | $79.58 |
| Dec 21, 2022 | $78.17 | $80.25 |
| Dec 20, 2022 | $75.92 | $79.45 |
| Dec 19, 2022 | $75.05 | $81.66 |
| Dec 16, 2022 | $74.19 | $80.20 |
| Dec 15, 2022 | $75.89 | $82.34 |
| Dec 14, 2022 | $77.14 | $83.33 |
| Dec 12, 2022 | $72.96 | $78.00 |
| Dec 9, 2022 | $71.05 | $76.37 |
| Dec 8, 2022 | $71.30 | $76.02 |
| Dec 7, 2022 | $71.93 | $77.11 |
| Dec 6, 2022 | $74.21 | $79.92 |
| Dec 5, 2022 | $76.83 | $83.36 |
| Dec 2, 2022 | $79.86 | $86.54 |
| Dec 1, 2022 | $81.06 | $86.28 |
| Nov 30, 2022 | $80.48 | $85.61 |
| Nov 29, 2022 | $77.96 | $83.22 |
| Nov 28, 2022 | $77.10 | $83.50 |
| Nov 25, 2022 | $76.45 | $83.40 |
| Nov 24, 2022 | — | $85.59 |
| Nov 23, 2022 | $77.93 | $85.90 |
| Nov 22, 2022 | $80.83 | $88.65 |
| Nov 21, 2022 | $79.74 | $88.44 |
| Nov 18, 2022 | $80.07 | $88.93 |
| Nov 17, 2022 | $81.69 | $91.00 |
| Nov 16, 2022 | $85.62 | $92.61 |
| Nov 15, 2022 | $86.87 | $94.30 |
| Nov 14, 2022 | $85.85 | $93.59 |
| Nov 11, 2022 | $89.14 | $96.37 |
| Nov 10, 2022 | $86.52 | $94.25 |
| Nov 9, 2022 | $85.79 | $93.05 |
| Nov 8, 2022 | $88.80 | $96.85 |
| Nov 7, 2022 | $91.80 | $99.87 |
| Nov 4, 2022 | $92.58 | $99.53 |
| Nov 3, 2022 | $88.14 | $95.29 |
| Nov 2, 2022 | $90.06 | $96.07 |
| Nov 1, 2022 | $88.36 | $95.12 |
| Oct 31, 2022 | $86.54 | $93.30 |
| Oct 28, 2022 | $87.85 | $94.64 |
| Oct 27, 2022 | $89.06 | $94.17 |
| Oct 26, 2022 | $89.39 | $92.93 |
| Oct 24, 2022 | $86.12 | $91.57 |
| Oct 21, 2022 | $85.47 | $91.82 |
| Oct 20, 2022 | $86.02 | $91.52 |
| Oct 19, 2022 | $86.00 | $91.34 |
| Oct 18, 2022 | $83.29 | $89.46 |
| Oct 17, 2022 | $86.00 | $91.04 |
| Oct 14, 2022 | $86.10 | $92.22 |
| Oct 13, 2022 | $89.59 | $95.16 |
| Oct 12, 2022 | $87.83 | $93.44 |
| Oct 11, 2022 | $89.75 | $95.17 |
| Oct 10, 2022 | $91.60 | $97.13 |
| Oct 7, 2022 | $93.07 | $98.88 |
| Oct 6, 2022 | $88.90 | $95.65 |
| Oct 5, 2022 | $88.22 | $94.35 |
| Oct 4, 2022 | $86.87 | $93.74 |
| Oct 3, 2022 | $84.05 | $90.68 |
| Sep 30, 2022 | $79.91 | $88.90 |
| Sep 29, 2022 | $81.78 | $89.41 |
| Sep 28, 2022 | $82.61 | $89.55 |
| Sep 27, 2022 | $78.91 | $85.97 |
| Sep 26, 2022 | $77.17 | $82.55 |
| Sep 23, 2022 | $79.07 | $84.29 |
| Sep 22, 2022 | $84.02 | $90.40 |
| Sep 21, 2022 | $83.38 | $89.86 |
| Sep 20, 2022 | $84.69 | $89.62 |
| Sep 19, 2022 | $86.15 | — |
| Sep 16, 2022 | $85.57 | $89.43 |
| Sep 15, 2022 | $85.72 | $89.28 |
| Sep 14, 2022 | $88.88 | $92.83 |
| Sep 13, 2022 | $87.84 | $92.04 |
| Sep 12, 2022 | $88.18 | $93.45 |
| Sep 9, 2022 | $87.27 | $91.68 |
| Sep 8, 2022 | $84.04 | $87.99 |
| Sep 7, 2022 | $82.50 | $86.83 |
| Sep 6, 2022 | $87.35 | $91.43 |
| Sep 5, 2022 | — | $94.22 |
| Sep 2, 2022 | $87.29 | $93.09 |
| Sep 1, 2022 | $87.09 | $92.24 |
| Aug 31, 2022 | $90.09 | $96.55 |
| Aug 30, 2022 | $92.08 | $99.34 |
| Aug 29, 2022 | $97.40 | — |
| Aug 26, 2022 | $93.63 | $101.13 |
| Aug 25, 2022 | $93.33 | $98.81 |
| Aug 24, 2022 | $95.52 | $99.87 |
| Aug 23, 2022 | $96.46 | $99.49 |
| Aug 22, 2022 | $93.42 | $95.06 |
| Aug 19, 2022 | $93.55 | $96.45 |
| Aug 18, 2022 | $93.20 | $96.35 |
| Aug 17, 2022 | $90.85 | $97.22 |
| Aug 16, 2022 | $89.23 | $95.36 |
| Aug 15, 2022 | $92.24 | $98.25 |
| Aug 12, 2022 | $94.86 | $103.70 |
| Aug 11, 2022 | $97.02 | $107.19 |
| Aug 10, 2022 | $94.68 | $105.06 |
| Aug 9, 2022 | $93.18 | $103.81 |
| Aug 8, 2022 | $93.52 | $103.46 |
| Aug 5, 2022 | $91.77 | $100.31 |
| Aug 4, 2022 | $91.29 | $97.99 |
| Aug 3, 2022 | $93.25 | $101.82 |
| Aug 2, 2022 | $97.14 | $106.51 |
| Aug 1, 2022 | $96.59 | $106.09 |
| Jul 29, 2022 | $101.31 | $111.51 |
| Jul 28, 2022 | $99.11 | $109.68 |
| Jul 27, 2022 | $100.03 | $109.64 |
| Jul 26, 2022 | $97.74 | $107.32 |
| Jul 25, 2022 | $99.83 | $108.23 |
| Jul 22, 2022 | $97.71 | $106.77 |
| Jul 21, 2022 | $98.44 | $112.81 |
| Jul 20, 2022 | $104.45 | $115.86 |
| Jul 19, 2022 | $106.12 | $114.96 |
| Jul 18, 2022 | $104.48 | $117.27 |
| Jul 15, 2022 | $99.59 | $112.26 |
| Jul 14, 2022 | $97.79 | $107.74 |
| Jul 13, 2022 | $98.44 | $107.17 |
| Jul 12, 2022 | $97.69 | $106.98 |
| Jul 11, 2022 | $106.09 | $114.85 |
| Jul 8, 2022 | $106.78 | $113.95 |
| Jul 7, 2022 | $104.62 | $113.40 |
| Jul 6, 2022 | $100.31 | $108.54 |
| Jul 5, 2022 | $101.55 | $110.49 |
| Jul 4, 2022 | — | $121.80 |
| Jul 1, 2022 | $110.30 | $119.21 |
| Jun 30, 2022 | $107.76 | $119.78 |
| Jun 29, 2022 | $111.65 | $120.80 |
| Jun 28, 2022 | $113.66 | $122.21 |
| Jun 27, 2022 | $111.44 | $119.69 |
| Jun 24, 2022 | $109.07 | $117.36 |
| Jun 23, 2022 | $105.75 | $114.50 |
| Jun 22, 2022 | $106.22 | $115.54 |
| Jun 21, 2022 | $110.49 | $118.51 |
| Jun 20, 2022 | — | $118.25 |
| Jun 17, 2022 | $109.56 | $119.22 |
| Jun 16, 2022 | $117.56 | $125.78 |
| Jun 15, 2022 | $115.32 | $124.96 |
| Jun 14, 2022 | $118.92 | $127.02 |
| Jun 13, 2022 | $120.92 | $128.44 |
| Jun 10, 2022 | $120.73 | $127.44 |
| Jun 9, 2022 | $121.52 | $128.47 |
| Jun 8, 2022 | $121.94 | $129.20 |
| Jun 7, 2022 | $119.55 | $126.89 |
| Jun 6, 2022 | $118.41 | $124.99 |
| Jun 3, 2022 | $118.97 | $125.68 |
| Jun 2, 2022 | $116.88 | — |
| Jun 1, 2022 | $115.26 | $122.20 |
| May 31, 2022 | $114.38 | $125.53 |
| May 30, 2022 | — | $123.01 |
| May 27, 2022 | $114.96 | $121.19 |
| May 26, 2022 | $116.19 | $119.81 |
| May 25, 2022 | $112.88 | $116.41 |
| May 24, 2022 | $112.55 | $115.77 |
| May 23, 2022 | $110.32 | $115.13 |
| May 20, 2022 | $112.63 | $113.63 |
| May 19, 2022 | $112.21 | $113.22 |
| May 18, 2022 | $109.67 | $110.04 |
| May 17, 2022 | $112.31 | $112.89 |
| May 16, 2022 | $114.07 | $114.86 |
| May 13, 2022 | $110.52 | $112.12 |
| May 12, 2022 | $106.15 | $108.06 |
| May 11, 2022 | $105.50 | $107.70 |
| May 10, 2022 | $99.74 | $102.61 |
| May 9, 2022 | $103.08 | $106.67 |
| May 6, 2022 | $109.72 | $113.86 |
| May 5, 2022 | $108.17 | $112.11 |
| May 4, 2022 | $107.84 | $110.53 |
| May 3, 2022 | $102.53 | $104.94 |
| May 2, 2022 | $105.18 | — |
| Apr 29, 2022 | $104.59 | $108.36 |
| Apr 28, 2022 | $105.47 | $105.78 |
| Apr 27, 2022 | $101.96 | $103.30 |
| Apr 26, 2022 | $102.62 | $102.89 |
| Apr 25, 2022 | $99.60 | $99.27 |
| Apr 22, 2022 | $102.86 | $105.15 |
| Apr 21, 2022 | $103.89 | $107.20 |
| Apr 20, 2022 | $102.56 | $105.05 |
| Apr 19, 2022 | $102.54 | $105.49 |
| Apr 18, 2022 | $108.24 | — |
| Apr 14, 2022 | $106.84 | $110.83 |
| Apr 13, 2022 | $104.26 | $108.49 |
| Apr 12, 2022 | $100.52 | $104.42 |
| Apr 11, 2022 | $94.22 | $97.92 |
| Apr 8, 2022 | $98.35 | $101.26 |
| Apr 7, 2022 | $96.05 | $99.83 |
| Apr 6, 2022 | $96.39 | $100.81 |
| Apr 5, 2022 | $101.98 | $106.60 |
| Apr 4, 2022 | $103.29 | $108.15 |
| Apr 1, 2022 | $99.32 | $106.13 |
| Mar 31, 2022 | $100.53 | $107.29 |
| Mar 30, 2022 | $107.81 | $115.59 |
| Mar 29, 2022 | $104.25 | $112.79 |
| Mar 28, 2022 | $107.55 | $114.50 |
| Mar 25, 2022 | $116.20 | $122.67 |
| Mar 24, 2022 | $114.20 | $123.98 |
| Mar 23, 2022 | $114.89 | $127.52 |
| Mar 22, 2022 | $111.03 | $121.53 |
| Mar 21, 2022 | $112.14 | $122.29 |
| Mar 18, 2022 | $104.69 | $114.32 |
| Mar 17, 2022 | $102.97 | $113.50 |
| Mar 16, 2022 | $94.85 | $104.61 |
| Mar 15, 2022 | $96.42 | $105.14 |
| Mar 14, 2022 | $103.22 | $110.39 |
| Mar 11, 2022 | $109.31 | $118.11 |
| Mar 10, 2022 | $105.93 | $114.54 |
| Mar 9, 2022 | $108.81 | $116.58 |
| Mar 8, 2022 | $123.64 | $133.18 |
| Mar 7, 2022 | $119.26 | $129.02 |
| Mar 4, 2022 | $115.77 | $123.86 |
| Mar 3, 2022 | $107.69 | $115.36 |
| Mar 2, 2022 | $110.74 | $118.94 |
| Mar 1, 2022 | $103.66 | $110.93 |
| Feb 28, 2022 | $96.13 | $103.08 |
| Feb 25, 2022 | $91.68 | $98.56 |
| Feb 24, 2022 | $92.77 | $101.29 |
| Feb 23, 2022 | $92.14 | $99.29 |
| Feb 22, 2022 | $92.11 | $98.73 |
| Feb 21, 2022 | — | $98.95 |
| Feb 18, 2022 | $91.26 | $96.18 |
| Feb 17, 2022 | $91.78 | $95.28 |
| Feb 16, 2022 | $93.83 | $97.44 |
| Feb 15, 2022 | $92.07 | $98.43 |
| Feb 14, 2022 | $95.52 | $101.66 |
| Feb 11, 2022 | $93.10 | $97.50 |
| Feb 10, 2022 | $89.83 | $96.37 |
| Feb 9, 2022 | $89.57 | $94.95 |
| Feb 8, 2022 | $89.32 | $96.07 |
| Feb 7, 2022 | $91.25 | $97.28 |
| Feb 4, 2022 | $92.27 | $96.86 |
| Feb 3, 2022 | $90.17 | $92.99 |
| Feb 2, 2022 | $88.16 | $91.43 |
| Feb 1, 2022 | $88.22 | $90.24 |
| Jan 31, 2022 | $89.16 | $92.35 |
| Jan 28, 2022 | $87.67 | $91.47 |
| Jan 27, 2022 | $87.61 | $90.70 |
| Jan 26, 2022 | $88.33 | $91.22 |
| Jan 25, 2022 | $86.61 | $89.49 |
| Jan 24, 2022 | $84.48 | $87.74 |
| Jan 21, 2022 | $85.16 | $89.75 |
| Jan 20, 2022 | $86.29 | $89.75 |
| Jan 19, 2022 | $86.84 | $89.64 |
| Jan 18, 2022 | $85.42 | $88.83 |
| Jan 17, 2022 | — | $87.82 |
| Jan 14, 2022 | $83.82 | $87.17 |
| Jan 13, 2022 | $81.97 | $85.80 |
| Jan 12, 2022 | $82.51 | $85.83 |
| Jan 11, 2022 | $81.17 | $84.98 |
| Jan 10, 2022 | $78.11 | $81.56 |
| Jan 7, 2022 | $79.00 | $82.28 |
| Jan 6, 2022 | $79.47 | $81.99 |
| Jan 5, 2022 | $77.83 | $80.60 |
| Jan 4, 2022 | $77.00 | $79.39 |
| Jan 3, 2022 | $75.99 | $78.25 |
| Dec 31, 2021 | $75.33 | $77.24 |
| Dec 30, 2021 | $76.83 | $78.61 |
| Dec 29, 2021 | $76.58 | $78.63 |
| Dec 28, 2021 | $76.01 | — |
| Dec 27, 2021 | $75.49 | — |
| Dec 24, 2021 | — | $75.24 |
| Dec 23, 2021 | $73.89 | $76.26 |
| Dec 22, 2021 | $72.82 | $74.69 |
| Dec 21, 2021 | $71.10 | $72.85 |
| Dec 20, 2021 | $68.69 | $70.51 |
| Dec 17, 2021 | $70.93 | $72.97 |
| Dec 16, 2021 | $72.34 | $74.64 |
| Dec 15, 2021 | $70.89 | $73.71 |
| Dec 14, 2021 | $70.57 | $73.37 |
| Dec 13, 2021 | $71.19 | $74.12 |
| Dec 10, 2021 | $71.71 | $74.98 |
| Dec 9, 2021 | $70.87 | $74.10 |
| Dec 8, 2021 | $72.43 | $75.94 |
| Dec 7, 2021 | $71.94 | $75.54 |
| Dec 6, 2021 | $69.62 | $73.38 |
| Dec 3, 2021 | $66.39 | $70.71 |
| Dec 2, 2021 | $66.60 | $70.56 |
| Dec 1, 2021 | $65.44 | $69.53 |
Context
Russia is the world's third-largest producer of petroleum and liquid fuels and a major crude oil exporter. EIA said geopolitical risk from the invasion had raised prices and volatility since mid-January 2022, along with stronger demand as the pandemic eased and slower production growth.[1]
The full-scale invasion came during eight consecutive quarters of global inventory decreases, from the third quarter of 2020 to the second quarter of 2022. On March 8, 2022 the combination lifted prices to their highest inflation-adjusted level since 2014.[2]
From June 8 through the end of the year prices generally decreased: concerns about a possible recession reduced demand, COVID-19 containment measures in China lowered demand, and U.S. and international strategic reserve releases added supply. Brent's premium over WTI widened in 2022 as European buyers replaced Russian crude and a strong dollar made imports more expensive.[2]
Brent peaked at $133.18 on Mar 8, 2022 and fell to $76.02 by Dec 8, 2022. On dates when both were published, Brent averaged +$5.80 against WTI over the window, ranging from −$0.33 to +$14.37. The largest one-day moves in WTI were a rise of $8.12 on Mar 17, 2022 and a fall of $14.83 on Mar 9, 2022, each measured against the previous published price. WTI was at or above $100 on 87 published days in the window.
Adjusted with CPI-U to September 2026 dollars, WTI's high in the window was $144.90 (Mar 8, 2022) and its lowest positive price $79.09 (Dec 1, 2021). Annual averages: 2021 $68.13 (+74.0% on 2020); 2022 $94.90 (+39.3% on 2021).
Monthly averages
| Month | WTI | vs prior month | Brent | WTI real |
|---|---|---|---|---|
| December 2021 | $71.71 | — | $74.17 | $86.66 |
| January 2022 | $83.22 | +16.1% | $86.51 | $99.73 |
| February 2022 | $91.64 | +10.1% | $97.13 | $108.83 |
| March 2022 | $108.50 | +18.4% | $117.25 | $127.16 |
| April 2022 | $101.78 | −6.2% | $104.58 | $118.62 |
| May 2022 | $109.55 | +7.6% | $113.34 | $126.28 |
| June 2022 | $114.84 | +4.8% | $122.71 | $130.59 |
| July 2022 | $101.62 | −11.5% | $111.93 | $115.57 |
| August 2022 | $93.67 | −7.8% | $100.45 | $106.56 |
| September 2022 | $84.26 | −10.0% | $89.76 | $95.65 |
| October 2022 | $87.55 | +3.9% | $93.33 | $98.99 |
| November 2022 | $84.37 | −3.6% | $91.42 | $95.49 |
| December 2022 | $76.44 | −9.4% | $80.92 | $86.78 |
Linked months have their own page with daily prices (months with at least 15 published WTI prices).
Year pages: Oil prices in 2022
Sources for the context above
- Crude oil prices rise above $100 per barrel after Russia's further invasion into Ukraine — U.S. Energy Information Administration
- Crude oil prices increased in first-half 2022 and declined in second-half 2022 — U.S. Energy Information Administration
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Dec 1, 2021 – Dec 30, 2022 | Dec 30, 2022 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Dec 1, 2021 – Dec 30, 2022 | Dec 30, 2022 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | September 2026 |
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:2022 price spike daily prices (CSV)