Net retail buying of oil ETFs hit a record $211 million on March 12, surpassing the previous peak seen during the market turmoil in May 2020, according to Vanda Research.

Brent and U.S. crude futures have already spiked, surging more than 40% so far this month to their highest levels since 2022.

Net retail buying of oil ETFs hit a record $211 million on March 12, surpassing the previous peak seen during the market turmoil in May 2020, according to Vanda Research.