7 Defining Moments of Market Volatility During the Pandemic

2. The Oil Price War

Amid the pandemic, an oil price war between Russia and Saudi Arabia added further instability. In March 2020, oil prices plummeted by about 30%, marking the worst collapse since the Gulf War in 1991. The price war, combined with falling demand due to lockdowns, resulted in a historic crash in oil prices. This added yet another layer of complexity to the volatile market, shaking investor confidence even further.