Oil price rises nearly 2% on US vaccine rollout, Middle East tension

NEW YORK (Reuters) – Oil prices rose nearly 2% on Monday on optimism over the pace of coronavirus vaccinations in the United States and after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.

Crude prices have remained rangebound in the past three weeks, as growing expectations of surging U.S. economic activity are balanced by the slow rate of vaccination in Europe and anticipation of additional supply from Iran in coming months.

Brent rose $1.01, or 1.6%, to $63.96 a barrel by 10:49 a.m. EDT (1449 GMT). U.S. West Texas Intermediate (WTI) rose $1.10, or 1.9%, to $60.42 a barrel.

The United States has fully vaccinated 22% of its population, while the United Kingdom has vaccinated 11% fully, according to the Reuters vaccine tracker