Oil Shocks and the Financial Markets: A Review

Feng Ma, Xinjie Lu and Samuel A. Vigne

Journal of Economic Surveys, 2025, vol. 39, issue 5, 1999-2019

Abstract: Leading to enormous effects on the global financial markets, oil shocks have received full attention from academic literature. The objective of this survey is to organize and consolidate existing theoretical and empirical research on oil shocks and financial markets, with the goal of uncovering potential areas for future investigation. The paper begins with a brief overview of oil shocks against a historical background, and makes a summarized survey of the existing literature regarding oil shocks. Then this paper discusses the underlying sources of the oil shocks and then turns to make a review of the connections between oil shocks and the economy, the stock market, and the commodity market. The paper concludes with recommendations for subsequent research endeavors, and hopes to facilitate further research in the many strands of the oil shocks‐related literature.

Date: 2025
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