Gate News reports that on March 7th, due to the escalation of the US-Iran conflict, international oil prices surged significantly and hit record highs. U.S. WTI crude oil futures (the benchmark price in the US) main contract rose 12.67% in a single day to $91.27 per barrel, a total increase of 35.6% since the escalation of the US-Iran war on February 28th, marking the largest weekly gain for this futures contract since its inception in 1983. UK Brent crude oil futures (the international benchmark price) main contract increased 9.26% in a single day to $93.32 per barrel, with a weekly rise of 27.5%, the highest weekly increase since 1990. Historical data shows that after the outbreak of the Russia-Ukraine conflict in late February 2022, both Brent and WTI saw weekly maximum increases of about 25% in early March; during the Gulf War in August 1990, Brent spot prices rose as much as 26% in a week. The weekly increase in crude oil prices caused by this US-Iran conflict has broken all previous records.
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