Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.
Brent crude futures on Tuesday, the international benchmark for oil prices, were at $65.07 dollars a barrel at 0211 GMT.
U.S. West Texas Intermediate (WTI) crude futures were at 58.21 dollars a barrel.
“The market reaction shows that in a tight market, any supply issue will quickly be reflected in higher prices,” said ANZ bank.
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The jump in Brent prices widened its premium to WTI prices, making U.S. oil exports more attractive.