title: ARMED CONFLICTS AND PRICE VOLATILITY OF CRUDE OIL: INSIGHTS FROM HISTORICAL DATA
abstract: Armed conflicts and other geopolitical events are known to significantly influence the dynamics of the global crude oil market. In this study, we explore how military warfare, specifically major armed conflicts from 1989 to 2022, impacts fluctuations in crude oil prices. Our analysis identifies 16 distinct volatility spikes, with approximately half occurring within a 28-day window surrounding the onset of armed conflicts. These findings prove the substantial impact that geopolitical tensions, pa
journal: THEORETICAL AND APPLIED ISSUES OF ECONOMICS