Oil prices rose to their highest level in about 13 months, as Brent crude rose $ 1.02, or 1.6%, to $ 63.45 a barrel by 08:06 GMT, after reaching its highest level during the session at $ 63.76, the highest since January 22 January 2020.
The escalation of tension in the Middle East has stimulated new purchases, while crude has been supported by hopes that an American stimulus and easing general isolation measures will fuel demand for fuel.
US West Texas Intermediate crude futures gained $ 1.28, or 2.2%, to $ 60.75 a barrel. And touched $ 60.95, its highest level since the eighth of January, earlier in the session.
Oil prices gained about 5% last week.
According to Arabiyanet, citing the Saudi state television, the Saudi-led coalition in Yemen said late Sunday that it intercepted and destroyed a drone bomb launched by the Houthi group towards the Kingdom .
In this context, chief analyst at Fujitomi Commodity Brokerage Kazuhiko Saito said the early rapid rise in the oil market was due to the news.
He added, but the rise is also driven by growing hopes that an American stimulus and an easing of the general isolation measures will boost the economy and the demand for fuel.
In addition, he indicated that WTI may decline due to profit-taking after it reached the important $ 60 level.
US President Joe Biden pushed for the first major legislative achievement of his presidency on Friday, as he turned to a group of local officials from both the Republican and Democratic parties for help on a $ 1.9 trillion plan to mitigate the effects of Corona.
oil prices have risen over recent weeks as well as supplies have tightened, largely due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in OPEC + Group.
In turn, Rakuten Securities analyst Satoru Yoshida said, "Moreover, the strength of global stock markets has boosted investors' risk appetite.
Asian stocks rose to record highs, today, Monday, as successful global distribution of anti-Coronavirus vaccines boosts hopes for a quick economic recovery in light of new financial support from Washington.
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