Brent crude, the industry benchmark, jumped 1% on Monday, touching $73.52 (£52.14) per barrel. US crude also climbed 1% higher to $71.50, its highest level since October 2018.
Stocks ended a choppy session higher, eking out a fresh record high. Mark Luschini, Chief Investment Strategist at Janney Montgomery Scott and Jimmy Lee, The Wealth Consulting Group CEO joined Yahoo Finance Live to discuss.
Demand is expected to recover faster in wealthy countries that had earlier access to vaccines, while some industries like aviation lag as some travel restrictions remain.