Oil gains 1% after cyber attack forces closure of US fuel ‘jugular’ pipeline

TOKYO: Crude prices climbed more than 1% on Monday after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of oil infrastructure.

Brent crude was up by 76 cents, or 1.1%, at $$69.04 a barrel by 0039 GMT, having risen by l.5% last week. U.S. West Texas Intermediate futures rose by 70 cents, or 1.1%, at $65.60 a barrel, after gaining more than 2% last week.

Signalling the seriousness of the situation, the White House was working closely with Colonial Pipeline to help it recover from the ransomware attack, which forced the biggest U.S. fuel pipeline operator to shut a network supplying populous eastern states.