Here’s Why Oil Prices Just Spiked Above $65 for First Time Since 2015

Global benchmark Brent crude jumped above $65 a barrel for the first time in 2 1/2 years after one of the most important pipelines in the world was shut because of a crack.

Futures rose as much as 1.6% in London, set for the highest close since June 10, 2015, after advancing 2% Monday. It will take about two weeks to repair the small hairline crack after it was discovered on the North Sea Forties Pipeline System during a routine inspection, according to operator Ineos. In the U.S., crude...

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