This week’s chart provides a 50-year view of the relationship between global oil prices and major geopolitical events in the Middle East. While some events triggered lasting price surges and others had more limited impact, a consistent pattern emerges – conflict and instability in this strategically critical region often coincide with sharp increases in oil prices. Despite increased diversification in global energy markets, oil remains a key input across the economy, influencing inflation, central bank policy, and overall economic stability. For investors, this reinforces the importance of diversification strategies that account for geopolitical uncertainty, especially in sectors sensitive to commodity pricing.