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Oil prices rose to their highest in more than a year on Monday after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Houthi group, raising fears of fresh Middle East tensions. Hopes for more U.S. stimulus and an easing of coronavirus lockdowns helped support the rally after prices […]
Oil prices rose to their highest in more than a year on Monday after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Houthi group, raising fears of fresh Middle East tensions.
Hopes for more U.S. stimulus and an easing of coronavirus lockdowns helped support the rally after prices gained around 5% last week.
Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.5%, to $60.33 a barrel. It touched the highest since Jan. 8 last year of $60.77 earlier in the session.
The Saudi-led coalition fighting in Yemen said late on Sunday it intercepted and destroyed an explosive-laden drone fired by the Houthi group toward the kingdom, state TV reported.
“An early spike in oil markets was triggered by the news,” said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.
“But the rally was also driven by growing hopes that a U.S. stimulus and easing of lockdowns will boost the economy and fuel demand,” he said. WTI may be pulled back by profit-taking as it reached a key $60 level, he added.
U.S. President Joe Biden pushed for the first major legislative achievement of his term on Friday, turning to a bipartisan group of local officials for help on his $1.9 trillion coronavirus relief plan.
Oil prices have rallied over recent weeks also as supplies tighten, due largely to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allied producers in the group OPEC+.
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Iran exported more than 210,000 tons of fishery products worth $650 million to 67 different countries in the previous Iranian calendar year (ended on March 19), according to the head of Iran’s Fishery Organization (IFO).
An official at the agricultural organization of Mazandaran province said that 125,700 tons of the kiwi and citrus fruits have been exported from this northern province of Iran since the current Iranian calendar year started (March 20, 2024).
The head of Iran’s Trade Promotion Organization (TPO) said the country has established a SWIFT-like financial system to do business with several countries in national currencies.
A Hidden Paradise in the Heart of the Iran Desert
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