Crude Intentions – What dictates the price of oil, and how does it affect industry activity 2026

In this IIL marine and energy webinar, Jake Hannath discusses the factors that dictate the price of oil and considers how this affects oil and gas industry activity and upstream oil and gas claims.

Oil is the lifeblood of modern civilisation and is one of our most critical commodities. However, the price of oil is volatile, with Brent crude having reached lows of $20 per barrel and highs of $120 per barrel in the last ten years alone. What are the factors that dictate these huge price fluctuations, and how does the price of oil affect exploration and development activity in the oil and gas industry? And what effect does this have on the number of upstream oil and gas insurance claims? This presentation considers these questions and examines the patterns that emerge between oil prices, industry activity, and the size and quantum of upstream oil and gas claims.

Learning objectives

• What dictates the price of oil
• How the price of oil impacts exploration and development activity
• How oil prices impact insurance claims

Speaker(s)

Chair: Graham Prior, Energy Underwriter, Beazley