WTI oil prices have been volatile in recent years, influenced by global supply and demand dynamics. In 2020, the COVID-19 pandemic led to a significant decline in oil prices, with WTI reaching a low of $-37.63 per barrel in April 2020 (1). Since then, prices have recovered, driven by increased demand and supply constraints. In 2022, the Russian invasion of Ukraine further disrupted global energy markets, causing prices to surge (2). As of June 2024, WTI prices remain sensitive to geopolitical tensions and shifts in global demand.