Oil prices rose yesterday, to their highest levels in nearly 13 months, as the escalation of tension in the Middle East stimulated new purchases, while crude received support from hopes that an American stimulus and easing isolation measures will feed the demand for fuel.
Brent crude rose $ 1.02, or 1.6%, to $ 63.45 a barrel, after reaching its highest level during the session at $ 63.76, the highest since January 22, 2020.
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 last January, earlier in the session.
"The early rapid rise in the oil market was due to the news," said Kazuhiko Saito, chief analyst at Fujitomi Commodity Brokerage.
He added, "But the rise is also driven by growing hopes that an American stimulus and easing general isolation measures will boost the economy and demand for fuel."