Oil hits 13-month highs on concerns of Middle East tensions | Reuters
Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support.
Brent crude was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2%, to $60.75 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.
Oil prices gained around 5% last week.
The Saudi-led coalition fighting in Yemen said late on Sunday it intercepted and destroyed an explosive-laden drone fired by the Iran-aligned Houthi group toward the kingdom, state TV reported, raising fears of fresh Middle East tensions.
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