Oil rises on fears of heightened tensions in Middle East | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
Oil rises on fears of heightened tensions in Middle East

Global Economy

Reuters
15 February, 2021, 10:30 am
Last modified: 15 February, 2021, 10:39 am

Related News

  • Oil tumbles as OPEC+ hikes August output more than expected
  • Stocks slip in Asia on US tariff confusion, oil skids
  • OPEC+ may further accelerate oil output hikes on Saturday: sources
  • Oil prices little changed as expectations for OPEC+ increase weigh
  • Oil falls on prospect of more OPEC+ supply, easing risks in Mideast

Oil rises on fears of heightened tensions in Middle East

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 January 22, 2020

Reuters
15 February, 2021, 10:30 am
Last modified: 15 February, 2021, 10:39 am
A view of the PES Refinery in Philadelphia, Pennsylvania, US, November 2, 2020. Picture taken November 2, 2020. REUTERS/Dane Rhys
A view of the PES Refinery in Philadelphia, Pennsylvania, US, November 2, 2020. Picture taken November 2, 2020. REUTERS/Dane Rhys

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 Iran-aligned Houthi group, raising fears of fresh Middle East tensions.

Hopes for more US 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 January 22, 2020.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

US West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.5%, to $60.33 a barrel. It touched the highest since January 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 Iran-aligned 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 US 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.

US 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+.

Top News / World+Biz

Oil / oil market / Oil price / Oil Business / Oil busines / Oil Deal / OPEC / OPEC+ / Organization of the Petroleum Exporting Countries (OPEC) / extend OPEC+ oil output deal / oil prices rise

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: CA Press Wing
    Stronger stance needed on maintaining law and order: Political parties to CA
  • Volunteers collect and gather parts of the wrecked plane from the Milestone School and College grounds on Tuesday, a day after the devastating aircraft crash. Photo: Mehedi Hasan/TBS
    Grief, angst and anger: The unbearable toll of Milestone crash
  • Infographics: TBS
    How climate change drives up your grocery bill

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • The jet plane charred after crash on 21 July at the Milestone school premises. Photo: Mehedi Hasan/TBS
    Milestone plane crash: Death toll rises to 31 as nine more succumb to injuries
  • Students and police clash at Milestone School and College on 22 July 2025. Photo: TBS
    Protesting Milestone students clash with police, besiege law and education advisers
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Aerial view of the Milestone school premises where the crash took place on 21 July. Photo: Olid Ebna Shah/ TBS
    ‘Why here?’: Concerns expressed over airbase inside city

Related News

  • Oil tumbles as OPEC+ hikes August output more than expected
  • Stocks slip in Asia on US tariff confusion, oil skids
  • OPEC+ may further accelerate oil output hikes on Saturday: sources
  • Oil prices little changed as expectations for OPEC+ increase weigh
  • Oil falls on prospect of more OPEC+ supply, easing risks in Mideast

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

15h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

9h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

What information did the director of the NBPSI give about the admitted patients?

What information did the director of the NBPSI give about the admitted patients?

8h | TBS Today
What is discussed at the Chief Advisor's meeting?

What is discussed at the Chief Advisor's meeting?

8h | TBS Today
Two advisors and press secretary were blocked at Milestone for 8 hours

Two advisors and press secretary were blocked at Milestone for 8 hours

8h | TBS Today
Chief advisor's meeting with 4 parties; what was discussed?

Chief advisor's meeting with 4 parties; what was discussed?

8h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net