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On Tuesday, Brent crude futures rallied above $65 a barrel for the first time since 2015 following the shutdown of the Forties North Sea pipeline, which knocked out considerable supply from a market, which was already tightening because of OPEC-led output cuts.
Brent crude futures hit $65.29 a barrel, soaring 0.9% from their previous close. It definitely marks the first time the benchmark has grown above $65 since June 2015.
American West Texas Intermediate crude futures reached $58.30 a barrel, gaining 0.5% from their previous settlement.
The UK’s Forties oil pipeline, which is the country's largest at a capacity of about 450,000 barrels a day faced an emergency shutdown after cracks were spotted.
The leap in Brent prices extended its premium to WTI prices to nearly $7 a barrel, jumping from approximately $5 the previous week and making American crude exports more attractive.
American output is currently not far off that of leading producers Saudi Arabia and Russia.
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