Oil at 13-Month High Due to Fears of Geopolitical Tensions

Oil prices rose Monday, February 15th, to their highest levels in nearly 13 months, as escalating tension in the Middle East stimulated new purchases, while crude received support from hopes that an American stimulus and easing isolation measures would fuel demand for fuel.

Brent crude rose $ 1.02, or 1.6%, to $ 63.45 a barrel by 08:06 GMT, 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. It touched $ 60.95, its highest level since Jan. 8, earlier in the session. Oil prices gained about 5% last week.