Rising tensions in the Middle East have helped push crude oil prices to a higher 13-month high at the start of today's Asian session.
The U.S. WTI crude benchmark jumped higher by a rise of more than 2%, pushing the price to $ 60.73 a barrel.
Brent crude futures traded higher with a 1.4% increase to $ 63.58 a barrel.
Most recently, Reuters reported, a Saudi-led coalition fighting in Yemen said it had intercepted and destroyed a drone full of explosives, launched by Iranian Houthi groups.
This has indirectly raised concerns over new tensions in the Middle East.
The recent rise in oil prices has been driven by market confidence in widespread vaccination measures around the world, and production cuts by major OPEC producers.
The UK is expected to loosen some restrictions following vaccination efforts which are now close to reaching the target of vaccinating 15 million priority groups in the country.
Meanwhile, Japan has approved the first Covid-19 vaccine and will begin the vaccination process this week.
