The article introduces a way to spot oil supply shocks in a small open economy using financial market data. By comparing the model's response to oil shocks with futures markets, the researchers can see how these shocks affect inflation and GDP in Finland and Sweden. The model is only partially identified, so confidence intervals for the results are calculated using a bootstrapping method. The study shows that oil supply shocks have influenced domestic inflation in these countries over the past decade, but their impact on domestic GDP is uncertain.