WTI crude futures witnessed an intense spiked, breaking above $90 per barrel. The spike follows the escalation of the US–Israel conflict with Iran, which has disrupted tanker movements through the Strait of Hormuz—a key route carrying about one-fifth of global oil supply—while spreading tensions across major Middle East energy hubs. Oil prices have risen to their highest level in more than two years, after Qatar's energy minister warned he expects all oil and gas exporters in the Gulf to stop production within days. The counter soared 12% in a single session on 6th March and ended the week with a massive 35% surge which is the biggest gain in futures for around four decades. MCX Crude oil also spiked well above Rs 8000 per barrel and recorded a jump of around 13% on 6th March. Meanwhile, the US Energy Information Administration or EIA stated that US crude oil refinery inputs averaged 15.8 million barrels per day during the week ending February 27, 2026, which was 180 thousand barrels per day more than the previous week’s average. Refineries operated at 89.2% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased by 61 thousand barrels per day last week, averaging 4.8 million barrels per day. US oil imports are edging up too. The US crude oil imports averaged 6.3 million barrels per day last week, decreasing by 335 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 10.3% more than the same four-week period last year.