The flames were burned at an oil processing plant at the Saudi Aramco field in the Rub ‘Al-Khali desert in Shaybah, Saudi Arabia, in October 2018.
Simon Dawson | Bloomberg | Getty Images
On Monday, oil prices rose to a one-year high after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone launched by the Houthi group aligned with Iran. which provoked fears about new tensions in the Middle East.
Hopes for more stimulus in the United States and a decrease in coronavirus blockages helped support the concentration, after prices rose about 5% last week.
Brent crude rose 66 cents, or 1.1%, to $ 63.09 a barrel at 0004 GMT, after rising to a session high of $ 63.44, the highest since January 22, 2020.
Texas West Intermediate (WTI) U.S. gross futures gained 86 cents, or 1.5%, to $ 60.33 a barrel. It hit a high since Jan. 8 last year, of $ 60.77 before the session.
The Saudi-led coalition in Yemen said Sunday afternoon that it had intercepted and destroyed an explosives-laden drone launched by the Houthi group lined up in Iran for the kingdom, state television reported.
“The news triggered an early rebound in oil markets,” said Kazuhiko Saito, chief analyst at commodity broker Fujitomi Co.
“But the rally was also driven by growing hopes that a U.S. stimulus and a decrease in blockades would boost the economy and fuel demand,” he said. WTI may be withdrawn for profit-taking as it reached a key level of $ 60, he added.
U.S. President Joe Biden on Friday pushed for the first major legislative achievement of his term and turned to a bipartisan group of local officials for help on his $ 1.9 trillion coronavirus relief plan.
Oil prices have also risen in recent weeks as supplies fell, mainly due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in the OPEC + group.