This research investigates the impacts of three categories of epidemics on crude oil price using both an interaction term as well as a system of simultaneous equations, employing data from throughout the world for the period 1976 to 2018. Our empirical evidence confirms that epidemic strength is a key factor influencing oil price, and that the effect spreads from the stock market due to speculative investor behavior. Considering the wide heterogeneity of national development and income, the contagion channel of the stock market does not exhibit differences among countries based on variation in income level, but the influence of epidemics on oil price and on the contagion channel is significant in OECD countries. One policy implication is that countries should enact synergistic governance to prevent epidemic-based contagion. Moreover, national governments need to increase communication of information and decrease information asymmetry in the stock market.

这项研究使用相互作用项和联立方程组，研究了三类流行病对原油价格的影响，并使用了1976年至2018年期间来自世界各地的数据。我们的经验证据证实，流行强度是影响油价的关键因素，并且由于投机性投资者行为，这种影响从股市扩散开来。考虑到国家发展和收入的广泛异质性，股票市场的传染通道不会因收入水平的变化而在各国之间表现出差异，但是流行病对石油价格和传染通道的影响在经合组织国家中是重要的。一种政策含义是，各国应实施协同治理，以防止基于流行病的传染。而且，