International oil prices surged 35.6% in a single week, breaking above $90 to set the highest weekly gain on record

Odaily News: The main contract for U.S. WTI crude oil futures rose 12.67% in a single day to $91.27 per barrel, marking a 35.6% increase since the escalation of the U.S.-Iran war on February 28. This represents the highest weekly gain for this futures contract since its inception in 1983. The main contract for UK Brent crude oil futures rose 9.26% in a single day to $93.32 per barrel, with a weekly gain of 27.5%, setting the highest weekly increase since 1990. Looking back at history, following the outbreak of the Russia-Ukraine conflict in late February 2022, the maximum weekly gains for Brent and WTI in early March were both around 25%. When the Gulf War broke out in August 1990, the spot price of Brent rose by up to 26% within a week. The weekly gain in crude oil due to the U.S.-Iran war has now broken all previous records. (Aastocks)