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

PANews reported on March 7 that the main contract for 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 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.

Looking back at history, after the outbreak of the Russia-Ukraine conflict at the end of February 2022, both Brent and WTI crude oil prices saw weekly increases of approximately 25% in early March; during the Gulf War in August 1990, Brent spot prices rose by as much as 26% in a single week. The Iraq War has now caused crude oil prices to break all previous records for weekly gains.