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Oil Hits 13-Month High on Middle East Tensions

Oil prices jumped on Monday to their highest in 13 months, as traders were nervous about tensions in the Middle East, after the Arab coalition announced on Sunday it had intercepted and destroyed around ten drones launched by Yemen Houthis towards Saudi Arabia.

Risk appetite was also boosted by reports that President Joe Biden is expected to speak about the need for a global response to the COVID-19 pandemic and to recommit the nation to multilateral engagement, including joining the COVAX global vaccine initiative.

Meantime, the $1.9 trillion US fiscal stimulus plan is also making headway in its approval process.

On the supply side, the OPEC+ alliance is maintaining supply curbs through the month, with Saudi Arabia reducing its production voluntarily by an additional 1 million barrels per day until March.

At around 07:00 AM GMT, WTI crude climbed 2.2% to $60.76 a barrel, while Brent oil surged 1.8% to $63.54 a barrel.

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