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

According to ME News, on March 7th (UTC+8), the main contract for US WTI crude oil futures rose 12.67% to $91.27 per barrel, a 35.6% increase compared to before the escalation of the Iraq War on February 28th, marking 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% to $93.32 per barrel, a 27.5% increase for the week, the highest 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% within a week. The Iraq War has caused a weekly increase in crude oil prices that has broken all previous records. (Source: ME)