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Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally.

The Biden administration is revoking dozens of invalid drilling permits issued by agency workers without the approval of political appointees, despite a temporary order for such reviews.

WASHINGTON — President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change.

Oil surged to the highest mark in nearly 10 months in New York alongside a broader market rally as breakthroughs on U.S. stimulus talks combined with the COVID-19 vaccine rollout stoked optimism around a demand revival.

DUBAI, United Arab Emirates — An oil tanker off Saudi Arabia’s port city of Jiddah suffered an explosion early Dec. 14 after being hit by “an external source,” a shipping company said.

Oil just managed a weekly gain as an impasse in Washington over pandemic relief dimmed chances of an imminent boost to demand.

Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets.

Algeria, which this year holds the OPEC presidency, said that both Saudi Arabia and Russia were pressing fellow members to prolong the current oil-supply cuts into next year, rather than tapering them as planned. Algeria supported the proposal, the first country to publicly do so.

Oil extended its rally and hit a two-week high after an explosion at Lebanon’s main port rocked the capital Beirut, pointing to geopolitical instability in the region.

Oil rose the most in nearly two weeks as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.