Oil Price Soar after Libyan Force Majeure on Oil Exports

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Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports. while the loss of Canadian supplies helped lifted US crude to levels not seen since late 2014.

US light crude jumped 90 US cents. or 1.2%. to $74.84 a barrel. its highest since November 2014. before easing back to $74.59. up 65c. by 8.10am GMT.

Benchmark Brent crude oil was up 45c at $77.75.

Libya’s National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday. resulting in total production losses of 850.000 barrels per day (bpd) due to the closure of eastern fields and ports.

The Tripoli-based NOC made the announcement after eastern factions seeking control of Libya’s oil exports began to block tankers at the two ports last week.