Brent futures, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level for years now.
U.S. West Texas Intermediate crude hit $56.00 per barrel in early trading, also the highest for many months now.
The price ursurge is being fueled by Mohammed bin Salman, Saudi Arabia’s designate king, who has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors.
He has so far arrested Alwaleed bin Talal, prominent business billionaire, and Miteb bin Abdullah, a prince and head of the National Guard.
“This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Bin Salman’s reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year.