Oil Prices Rise To A 13 Month High

CNBC/Reuters: Oil rises on fears of heightened tensions in Middle East 

 * Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020. 

 * U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.5%, to $60.33 a barrel. 

Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions. 

Hopes for more U.S. stimulus and an easing of coronavirus lockdowns helped support the rally, after prices gained around 5% last week. Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020. 

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WNU Editor: There are many reasons for this rise in oil prices. Cold breaking records in the U.S. .... Oil prices rally as record winter storms hit Texas shale supplies (WorldOil). The expanding war in Yemen .... Oil prices jump after Saudi-led coalition fighting in Yemen intercepts Houthi drone (FOX News/Reuters). Expectations of a global economic recovery .... Global stocks hit record highs and WTI oil tops $60 as 'reflation trade' powers ahead (Business Insider).