US Oil Infrastructure Under Attack! Operation Closed Immediately - Kakiforex.com - Financial Market Media No. 1 in the World US Oil Infrastructure Under Attack! Operation Closed Immediately US Oil Infrastructure Under Attack! Operation Closed Immediately
InstaForex

May 10, 2021

US Oil Infrastructure Under Attack! Operation Closed Immediately

 The start of trading earlier in the week saw crude oil prices remain stable, as investors awaited developments on cyber attacks on the United States' largest fuel pipeline forcing the temporary closure of all operations.


The attacker who is allegedly part of a cybercrime group called DarkSiden reportedly took nearly 100 gigabytes of data from the Colonial network in just two hours on Thursday, Bloomberg reported on Saturday.


The situation has raised concerns that the blackout could result in a shortage of gas, diesel and jet fuel supplies.



U.S. Secretary of Commerce Gina Raimondo noted that the Federal government is working to avoid disruptions to supply.


The attack comes as the nation’s energy industry prepares to meet stronger fuel demand ahead of the summer, in which more movement restrictions have been lifted.


On the supply side, OPEC and its allies, OPEC+ have begun easing in the gradual reduction of crude oil production.


Entering the European session, US WTI crude futures traded higher around $ 65.40 a barrel, while Brent crude futures traded steady at $ 68.80 a barrel.