Hacked Fuel Pipe Shutdown Leads to 1% Oil Price Increase

Tokyo (Reuters) stated that “Crude prices rose on Monday after a major cyberattack forced the shutdown of critical fuel supply pipelines in the United States and highlighted the fragility of its oil infrastructure.”  Brent crude was up 76 cents, or 1.1%, at $69.04 a barrel at 0039 GMT, after rising l.5% last week. After gaining more than 2% last week, U.S. West Texas Intermediate futures gained 70 cents, or 1.1%, to $65.60 a barrel.  The White House is currently working with Colonial Pipeline to help it recover from the cyberattack that forced the largest U.S. fuel pipeline operator to shut down a network supplying populated Eastern states, signaling the gravity of the situation.  Colonial's network ensures about half of the fuel supply on the U.S. East Coast, carrying 2.5 million barrels of gasoline and other fuels every day. The identity of the attackers is still unknown