And it also is comparable to the oil price increase in 1990 following the invasion of Kuwait (from June 1990 to October 1990: 140% in nominal US dollar terms). From the end of 1998 to the end of 2000, the oil price went up by more than 200%, stabilising thereafter for some years only to start rising again to unprecedented nominal levels since mid-2003.
[15] Using high-frequency financial market data (“tick data”) to identify monetary surprises, ECB analysis shows that the transmission is more powerful than that of a standard interest rate cut in positive territory, since its effect on the yield curve extends to longer maturities, with a maximum effect around medium-term maturities (see Chart 6).