Oil climbs, boosted by the explosion of undetermined origin that hit an oil tanker off the coast of Saudi Arabia and the arrival of vaccines against covid-19, which raises hopes of a recovery in demand for black gold .

Oil is surging. Brent and WTi prices gained 1%, to $50.50 and $47 respectively, driven by geopolitical tensions... and the kick-off of vaccination campaigns against Covid-19 in the United States. “Investors are convinced that the vaccine (against Covid-19) will bring the situation back to normal and that the demand for oil will accelerate,” added Naeem Aslam, of Avatrade. The largest consumer of crude oil, the United States, begins a vast vaccination campaign against Covid-19 on Monday, after express preparations over the weekend.

Nearly three million doses are expected to be available by Wednesday, with the goal of vaccinating some 20 million Americans by the end of the year and 100 million by the end of March. “There is no doubt that the deployment of the vaccine will have a positive effect on the demand for road fuel and, ultimately, aviation fuel,” said Stephen Innes of Axi. The analyst also attributed the rise in prices to the explosion of undetermined origin which hit an oil tanker off the Saudi city of Jeddah on Monday.