International oil prices surged 35.6% in a single week, breaking through $90, marking the largest weekly increase in history.

US WTI crude oil futures rose 12.67% to $91.27 per barrel, a 35.6% increase from before the escalation of the Iraq War on February 28, marking the largest weekly gain for this futures contract since its inception in 1983. UK Brent crude oil futures rose 9.26% to $93.32 per barrel, a 27.5% increase for the week, the largest weekly gain since 1990. Historically, after the outbreak of the Russia-Ukraine conflict in late February 2022, both Brent and WTI saw weekly gains of approximately 25% in early March; during the Gulf War in August 1990, Brent spot prices rose as much as 26% in a single week. The Iraq War has now broken all previous records for weekly crude oil gains. (Aastocks)