Why did crude oil prices fluctuate in 1998-2018?

One of the major causes of the oil price fluctuation in 1998-2018 is the lack of stability in demand and supply. Like any other product, the oil price is impacted by demand and supply in a market. One of the factors that led to the fluctuation in the U.S between 1998 and 2018 is the Mideast war, which led to the elimination of Iraqi crude from the market. This led to the rise in the price of crude oil since the supply of crude decreased. .

Another factor that led to the price variability of crude oil is the return of Iraqi to the market after the war. This led to an increase in the supply; which reduced the price of crude oil.

Another factor that led to the price fluctuation of crude oil is the Great Recession, which is the economic decline of 2007-2009. The financial crisis led to the fall in demand for gasoline and caused the price of crude to fall drastically.

The hydraulic fracking revolution greatly increased global supplies in the mid 2010's as the US and Canada became major suppliers. This supply increase dropped prices to the low levels where they are today.