Crude Oil is down 70% since January of this year and the price is trading into historic lows. The 17.00 level was last visited in 2001 and the way the price is breaking lower makes a move lower look likely.
With the whole world economy shut down, no air travel and cars parked away, the demand for Oil has declined significantly. Even supply cuts are not helping to get the price of oil up.
Such a dump of oil prices, of course, weighs heavily on the middle East which completely relies on oil. It is, therefore, likely to see more actions in the (near) future to stabilize oil prices and potentially reverse the trend. An increase in volatility is a very probable result.