TechFlow News, March 7: According to Aastocks, U.S. WTI crude oil futures’ front-month contract surged 12.67% in a single day to USD 91.27 per barrel—up 35.6% from levels before the U.S.-Iran conflict escalated on February 28—marking the highest weekly gain ever recorded for this futures contract since its inception in 1983. Meanwhile, the front-month contract for UK Brent crude oil futures rose 9.26% in one day to USD 93.32 per barrel, posting a weekly gain of 27.5%, the largest weekly increase since 1990.
Looking back historically, following the outbreak of the Russia-Ukraine conflict at the end of February 2022, both Brent and WTI posted peak weekly gains of approximately 25% in early March. During the Gulf War in August 1990, Brent’s spot price surged up to 26% within a week. The U.S.-Iran conflict has thus driven the largest weekly crude oil price surge ever recorded, surpassing all prior records.
