U.S. oil futures are on track for a roughly 60% gain this month, which would mark the largest monthly increase on record. The surge follows a historic weekly rally of about 34.5% last week, the strongest since modern tracking began in 1982.
The move reflects severe disruption to global supply expectations, with an estimated 20 million barrels per day temporarily removed from the market. Energy traders respond with aggressive buying as concerns grow over prolonged supply shortages and escalating geopolitical tensions.
The shock reverberates across financial markets. Futures linked to the S&P 500 erase more than $2 trillion in market capitalization during the same period as investors brace for inflation pressure and economic fallout from surging energy costs.
