Thanks to the vaccination campaign against COVID-19 in the United States, Brent rose 0.6% and surpassed the 50 dollar mark, and WTI gained 0.9% to 46.99 dollars.

Oil prices rose to their highest in 9 months on Monday, driven by the launch of vaccination in the United States against COVID-19, which gives hope for better days for demand for black gold.

North Sea Brent crude oil for delivery in February rose 0.6% or 32 cents in London compared to Friday's close to $50.29.

For its part, the American barrel of WTI appreciated by 0.9% or 42 cents to 46.99 dollars.

The two benchmark contracts had not reached this level since the beginning of March before the pandemic disrupted American and global financial markets.

“Investors are confident that the (COVID-19) vaccine will bring the situation back to normal and that oil demand will accelerate,” said Avatrade's Naeem Aslam.

The United States, the world's largest consumer of crude oil, began 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 demand for road fuel and, ultimately, aviation fuel,” said Stephen Innes of Axi.

The analyst also attributed the rise in prices to the undetermined explosion that hit a tanker off the coast of the Saudi city of Jeddah on Monday.

Saudi authorities did not immediately confirm the explosion off the coast of a key port on the Red Sea, which serves as a distribution center for Saudi oil giant Aramco.