Brent futures increased by more than 1% and West Texas Intermediate (WTI) futures in the US increased by 1.9%. WTI previously jumped to $ 87.08, the highest since October 9, 2014.
The pipeline was interrupted by a fire. The pipeline transports oil from Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.
OPEC predicts in its monthly report that global demand for oil will gradually increase by 4.15 million barrels per day this year and that total daily consumption will exceed 100 million barrels in the third quarter of this year.
Performance of Brent Oil Futures (Source: Investing.com)