The 1990–91 Gulf War Oil Price Spike: WTI and Brent Daily Prices
EIA's WTI spot price was $21.59 per barrel on Aug 1, 1990, the last published price before Iraq's invasion of Kuwait on August 2, 1990. It then peaked at $41.07 on Oct 11, 1990, a rise of $19.48 (90.2%) over 2 months. From that peak it fell to $17.43 by Feb 22, 1991, a fall of $23.64 (57.6%) over 4 months. (Before Aug 1, 1990, the window also includes a low of $15.43 on Jun 20, 1990.)
Daily spot prices, Jun 1, 1990 – Mar 28, 1991
Chart data table (213 rows)
| Period | WTI | Brent |
|---|---|---|
| Mar 28, 1991 | $19.63 | $18.00 |
| Mar 27, 1991 | $19.45 | $18.15 |
| Mar 26, 1991 | $19.78 | $18.35 |
| Mar 25, 1991 | $19.47 | $18.60 |
| Mar 22, 1991 | $19.88 | $18.95 |
| Mar 21, 1991 | $20.78 | $18.80 |
| Mar 20, 1991 | $20.40 | $18.98 |
| Mar 19, 1991 | $20.68 | $18.95 |
| Mar 18, 1991 | $19.78 | $18.30 |
| Mar 15, 1991 | $19.88 | $19.05 |
| Mar 14, 1991 | $20.05 | $19.98 |
| Mar 13, 1991 | $20.48 | $20.33 |
| Mar 12, 1991 | $20.06 | $18.43 |
| Mar 11, 1991 | $19.00 | $18.60 |
| Mar 8, 1991 | $19.34 | $19.10 |
| Mar 7, 1991 | $19.33 | $19.65 |
| Mar 6, 1991 | $19.78 | $19.85 |
| Mar 5, 1991 | $20.50 | $20.05 |
| Mar 4, 1991 | $20.33 | $20.20 |
| Mar 1, 1991 | $19.43 | $19.33 |
| Feb 28, 1991 | $19.28 | $19.50 |
| Feb 27, 1991 | $19.03 | $18.65 |
| Feb 26, 1991 | $18.48 | $18.00 |
| Feb 25, 1991 | $17.43 | $17.83 |
| Feb 22, 1991 | $17.43 | $17.80 |
| Feb 21, 1991 | $18.48 | $18.55 |
| Feb 20, 1991 | $20.18 | $18.75 |
| Feb 19, 1991 | $20.08 | $17.85 |
| Feb 18, 1991 | $20.73 | $17.68 |
| Feb 15, 1991 | $20.73 | $18.35 |
| Feb 14, 1991 | $22.25 | $20.50 |
| Feb 13, 1991 | $22.38 | $21.00 |
| Feb 12, 1991 | $22.78 | $21.10 |
| Feb 11, 1991 | $22.44 | $21.23 |
| Feb 8, 1991 | $21.78 | $20.65 |
| Feb 7, 1991 | $21.33 | $20.90 |
| Feb 6, 1991 | $21.48 | $20.93 |
| Feb 5, 1991 | $20.70 | $20.20 |
| Feb 4, 1991 | $21.23 | $20.45 |
| Feb 1, 1991 | $21.33 | $20.80 |
| Jan 31, 1991 | $21.90 | $20.70 |
| Jan 30, 1991 | $21.08 | $20.95 |
| Jan 29, 1991 | $21.73 | $20.75 |
| Jan 28, 1991 | $21.03 | $20.40 |
| Jan 25, 1991 | $24.15 | $20.80 |
| Jan 24, 1991 | $25.63 | $20.90 |
| Jan 23, 1991 | $24.08 | $22.15 |
| Jan 22, 1991 | $24.91 | $20.73 |
| Jan 21, 1991 | $21.63 | $19.25 |
| Jan 18, 1991 | $20.05 | $19.10 |
| Jan 17, 1991 | $21.48 | $21.10 |
| Jan 16, 1991 | $32.25 | $30.28 |
| Jan 15, 1991 | $30.35 | $29.25 |
| Jan 14, 1991 | $30.13 | $29.55 |
| Jan 11, 1991 | $27.43 | $26.05 |
| Jan 10, 1991 | $27.55 | $26.58 |
| Jan 9, 1991 | $28.00 | $22.35 |
| Jan 8, 1991 | $27.50 | $25.73 |
| Jan 7, 1991 | $27.25 | $25.93 |
| Jan 4, 1991 | $24.88 | $24.08 |
| Jan 3, 1991 | $25.61 | $25.05 |
| Jan 2, 1991 | $26.53 | $26.78 |
| Dec 31, 1990 | $28.48 | $28.35 |
| Dec 28, 1990 | $27.58 | $27.43 |
| Dec 27, 1990 | $26.95 | $27.05 |
| Dec 26, 1990 | $27.35 | $27.70 |
| Dec 24, 1990 | $26.95 | $27.70 |
| Dec 21, 1990 | $27.08 | $26.90 |
| Dec 20, 1990 | $27.50 | $27.55 |
| Dec 19, 1990 | $28.26 | $28.13 |
| Dec 18, 1990 | $27.85 | $27.55 |
| Dec 17, 1990 | $27.10 | $28.20 |
| Dec 14, 1990 | $26.60 | $28.45 |
| Dec 13, 1990 | $26.45 | $27.80 |
| Dec 12, 1990 | $25.30 | $27.28 |
| Dec 11, 1990 | $26.50 | $28.03 |
| Dec 10, 1990 | $27.08 | $28.75 |
| Dec 7, 1990 | $26.61 | $28.30 |
| Dec 6, 1990 | $26.35 | $27.35 |
| Dec 5, 1990 | $27.18 | $30.20 |
| Dec 4, 1990 | $29.05 | $31.50 |
| Dec 3, 1990 | $29.40 | $31.25 |
| Nov 30, 1990 | $29.08 | $31.20 |
| Nov 29, 1990 | $32.93 | $34.65 |
| Nov 28, 1990 | $33.28 | $34.10 |
| Nov 27, 1990 | $33.05 | $34.83 |
| Nov 26, 1990 | $33.28 | $35.10 |
| Nov 23, 1990 | $32.35 | $32.05 |
| Nov 22, 1990 | $30.08 | $31.40 |
| Nov 21, 1990 | $30.08 | $30.65 |
| Nov 20, 1990 | $29.50 | $30.10 |
| Nov 19, 1990 | $31.45 | $30.85 |
| Nov 16, 1990 | $29.91 | $30.55 |
| Nov 15, 1990 | $31.05 | $32.20 |
| Nov 14, 1990 | $31.18 | $31.95 |
| Nov 13, 1990 | $33.30 | $33.65 |
| Nov 12, 1990 | $32.08 | $32.85 |
| Nov 9, 1990 | $33.91 | $34.25 |
| Nov 8, 1990 | $35.61 | $34.85 |
| Nov 7, 1990 | $35.48 | $34.55 |
| Nov 6, 1990 | $32.41 | $33.20 |
| Nov 5, 1990 | $32.05 | $33.80 |
| Nov 2, 1990 | $33.95 | $35.05 |
| Nov 1, 1990 | $35.30 | $35.65 |
| Oct 31, 1990 | $35.31 | $34.30 |
| Oct 30, 1990 | $34.93 | $35.50 |
| Oct 29, 1990 | $35.28 | $34.65 |
| Oct 26, 1990 | $33.03 | $33.73 |
| Oct 25, 1990 | $34.35 | $32.90 |
| Oct 24, 1990 | $30.80 | $30.10 |
| Oct 23, 1990 | $29.95 | $28.95 |
| Oct 22, 1990 | $28.46 | $27.45 |
| Oct 19, 1990 | $33.82 | $33.20 |
| Oct 18, 1990 | $37.03 | $35.65 |
| Oct 17, 1990 | $36.03 | $35.33 |
| Oct 16, 1990 | $39.34 | $38.93 |
| Oct 15, 1990 | $38.00 | $38.28 |
| Oct 12, 1990 | $39.42 | $39.90 |
| Oct 11, 1990 | $41.07 | $41.15 |
| Oct 10, 1990 | $39.30 | $40.20 |
| Oct 9, 1990 | $40.73 | $40.90 |
| Oct 8, 1990 | $38.88 | $39.20 |
| Oct 5, 1990 | $37.87 | $39.05 |
| Oct 4, 1990 | $36.76 | $37.20 |
| Oct 3, 1990 | $37.04 | $37.55 |
| Oct 2, 1990 | $34.43 | $35.45 |
| Oct 1, 1990 | $37.08 | $38.95 |
| Sep 28, 1990 | $39.53 | $41.00 |
| Sep 27, 1990 | $39.77 | $41.45 |
| Sep 26, 1990 | $39.12 | $40.85 |
| Sep 25, 1990 | $38.33 | $39.90 |
| Sep 24, 1990 | $39.05 | $40.75 |
| Sep 21, 1990 | $36.21 | $36.95 |
| Sep 20, 1990 | $34.44 | $35.65 |
| Sep 19, 1990 | $33.18 | $35.08 |
| Sep 18, 1990 | $33.48 | $35.95 |
| Sep 17, 1990 | $33.73 | $34.90 |
| Sep 14, 1990 | $31.79 | $33.35 |
| Sep 13, 1990 | $31.20 | $31.88 |
| Sep 12, 1990 | $30.85 | $31.28 |
| Sep 11, 1990 | $30.29 | $32.10 |
| Sep 10, 1990 | $30.83 | $31.45 |
| Sep 7, 1990 | $30.09 | $31.45 |
| Sep 6, 1990 | $31.51 | $32.15 |
| Sep 5, 1990 | $30.00 | $31.23 |
| Sep 4, 1990 | $29.30 | $30.08 |
| Sep 3, 1990 | $27.45 | $30.53 |
| Aug 31, 1990 | $27.45 | $27.80 |
| Aug 30, 1990 | $26.96 | $27.50 |
| Aug 29, 1990 | $26.15 | $27.65 |
| Aug 28, 1990 | $27.73 | $27.65 |
| Aug 27, 1990 | $27.36 | $27.65 |
| Aug 24, 1990 | $31.10 | $31.65 |
| Aug 23, 1990 | $31.67 | $32.35 |
| Aug 22, 1990 | $30.52 | $30.45 |
| Aug 21, 1990 | $28.46 | $29.05 |
| Aug 20, 1990 | $28.63 | $28.90 |
| Aug 17, 1990 | $28.65 | $28.45 |
| Aug 16, 1990 | $27.40 | $27.20 |
| Aug 15, 1990 | $26.54 | $26.53 |
| Aug 14, 1990 | $26.70 | $27.10 |
| Aug 13, 1990 | $27.07 | $26.63 |
| Aug 10, 1990 | $26.38 | $26.30 |
| Aug 9, 1990 | $25.69 | $25.90 |
| Aug 8, 1990 | $26.19 | $25.15 |
| Aug 7, 1990 | $29.60 | $27.35 |
| Aug 6, 1990 | $28.73 | $27.28 |
| Aug 3, 1990 | $23.79 | $24.13 |
| Aug 2, 1990 | $23.71 | $22.25 |
| Aug 1, 1990 | $21.59 | $19.93 |
| Jul 31, 1990 | $20.57 | $19.23 |
| Jul 30, 1990 | $20.24 | $18.98 |
| Jul 27, 1990 | $20.07 | $19.03 |
| Jul 26, 1990 | $20.33 | $18.73 |
| Jul 25, 1990 | $19.33 | $19.00 |
| Jul 24, 1990 | $19.84 | $19.08 |
| Jul 23, 1990 | $19.88 | $18.73 |
| Jul 20, 1990 | $19.61 | $18.00 |
| Jul 19, 1990 | $19.07 | $17.85 |
| Jul 18, 1990 | $18.57 | $17.70 |
| Jul 17, 1990 | $18.23 | $17.58 |
| Jul 16, 1990 | $18.67 | $17.70 |
| Jul 13, 1990 | $18.37 | $17.03 |
| Jul 12, 1990 | $18.69 | $15.88 |
| Jul 11, 1990 | $17.45 | $15.70 |
| Jul 10, 1990 | $17.05 | $15.58 |
| Jul 9, 1990 | $16.63 | $14.98 |
| Jul 6, 1990 | $16.49 | $15.35 |
| Jul 5, 1990 | $16.50 | $15.23 |
| Jul 4, 1990 | $16.73 | $15.48 |
| Jul 3, 1990 | $16.73 | $15.48 |
| Jul 2, 1990 | $16.94 | $15.40 |
| Jun 29, 1990 | $17.05 | $15.73 |
| Jun 28, 1990 | $17.18 | $15.40 |
| Jun 27, 1990 | $16.70 | $15.33 |
| Jun 26, 1990 | $17.12 | $15.58 |
| Jun 25, 1990 | $16.15 | $15.58 |
| Jun 22, 1990 | $16.50 | $15.40 |
| Jun 21, 1990 | $16.09 | $14.75 |
| Jun 20, 1990 | $15.43 | $14.75 |
| Jun 19, 1990 | $15.55 | $14.75 |
| Jun 18, 1990 | $15.92 | $14.83 |
| Jun 15, 1990 | $16.64 | $15.15 |
| Jun 14, 1990 | $17.11 | $15.30 |
| Jun 13, 1990 | $17.60 | $14.90 |
| Jun 12, 1990 | $17.39 | $14.95 |
| Jun 11, 1990 | $16.82 | $14.73 |
| Jun 8, 1990 | $16.78 | $14.68 |
| Jun 7, 1990 | $16.65 | $15.03 |
| Jun 6, 1990 | $16.91 | $14.80 |
| Jun 5, 1990 | $16.41 | $14.78 |
| Jun 4, 1990 | $17.09 | $15.35 |
| Jun 1, 1990 | $17.51 | $15.43 |
Context
When Iraq invaded Kuwait on August 2, 1990, nearly all of both countries' oil production was taken offline; EIA puts the peak lost production at about 4.3 million barrels per day.[1] The invasion led to a United Nations Security Council embargo and sanctions on Iraq.[2] In the weeks before the invasion, Iraq had accused Kuwait and the United Arab Emirates of producing above their OPEC quotas and depressing prices.[2]
EIA notes that disrupted volumes are typically replaced first by inventory drawdowns and then by higher output from countries able to raise production quickly.[1] Its February 1991 outlook described a steep downward trend in prices beginning in October 1990, an economic recession slowing energy demand since at least the fourth quarter of 1990, adequate inventories worldwide, and sales of strategic reserves by International Energy Agency members; the President ordered a release from the U.S. Strategic Petroleum Reserve on January 16, 1991.[4]
The U.S.-led coalition's air war began on January 16, 1991,[2] and spot prices plunged the following day.[4] Iraq retreated from Kuwait on February 28, 1991.[2]
Brent peaked at $41.45 on Sep 27, 1990 and fell to $17.68 by Feb 18, 1991. On dates when both were published, Brent averaged −$0.34 against WTI over the window, ranging from −$5.65 to +$3.08. The largest one-day moves in WTI were a rise of $4.94 on Aug 6, 1990 and a fall of $10.77 on Jan 17, 1991, each measured against the previous published price. WTI was below $20 on 57 published days in the window.
Adjusted with CPI-U to September 2026 dollars, WTI's high in the window was $103.66 (Oct 11, 1990) and its lowest positive price $40.02 (Jun 20, 1990). Annual averages: 1990 $24.53 (+24.9% on 1989); 1991 $21.54 (−12.2% on 1990).
Monthly averages
| Month | WTI | vs prior month | Brent | WTI real |
|---|---|---|---|---|
| June 1990 | $16.70 | — | $15.10 | $43.32 |
| July 1990 | $18.45 | +10.5% | $17.17 | $47.67 |
| August 1990 | $27.31 | +48.0% | $27.17 | $69.92 |
| September 1990 | $33.51 | +22.7% | $34.90 | $85.09 |
| October 1990 | $36.04 | +7.5% | $36.02 | $90.96 |
| November 1990 | $32.33 | −10.3% | $33.07 | $81.41 |
| December 1990 | $27.28 | −15.6% | $28.27 | $68.70 |
| January 1991 | $25.23 | −7.5% | $23.57 | $63.16 |
| February 1991 | $20.48 | −18.8% | $19.54 | $51.19 |
| March 1991 | $19.90 | −2.8% | $19.08 | $49.67 |
Year pages: Oil prices in 1990 · Oil prices in 1991
Sources for the context above
- Effects of crude oil supply disruptions: how long can they last? — U.S. Energy Information Administration
- The Gulf War, 1991 — U.S. Department of State, Office of the Historian
- Oil (petroleum) timeline (Energy Kids) — U.S. Energy Information Administration
- Short-Term Energy Outlook, First Quarter 1991 — 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 | Jun 1, 1990 – Mar 28, 1991 | Mar 28, 1991 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jun 1, 1990 – Mar 28, 1991 | Mar 28, 1991 |
| 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.