Oil prices surge as cyberattack prompts critical US fuel pipeline closure

Brent crude increased by $0.38 or 0.6% to reach $68.66 a barrel while the US West Texas Intermediate futures increased by $0.34 or 0.5% to reach $65.24 a barrel, reported Reuters.

The ransomware attack triggered the closure of Colonial Pipeline’s pipeline network that supplies around 45% of fuel consumed by the East Coast, to contain the threat.

In a press statement, Colonial Pipeline said: “These actions temporarily halted all pipeline operations and affected some of our IT systems, which we are actively in the process of restoring.”

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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