The Brent crude oil price decline on November 26 was among the largest in years

The front-month futures price for Brent crude oil decreased by $9.50 per barrel, or nearly 12%, on November 26 after the World Health Organization designated the SARS-CoV-2 Omicron variant as a variant of concern. Daily Brent crude oil prices have fallen by at least 10% on only 8 days since 2000.