US WTI posts highest weekly gains on record at 35%

Oil prices surged sharply at Friday’s close, with US crude futures posting weekly gains of more than 35% — the largest since 1983, amid fears the Middle East conflict could persist.

Brent crude futures for May delivery rose 8.52%, or $7.28, to $92.69 a barrel, bringing weekly gains to 27.88%.

Meanwhile, US WTI crude futures for April delivery jumped 12.21%, or $9.89, to $90.90 a barrel, lifting their weekly gain to 35.63%.

The rally followed US President Donald Trump’s remarks that there would be no agreement with Iran without unconditional surrender, as the conflict expanded across the Middle East and shipping through the Strait of Hormuz was disrupted.

In an effort to calm markets, the US International Development Finance Corporation (DFC) announced a $20 billion reinsurance plan aimed at encouraging oil tankers to resume transit through the strait.