Following a pipeline explosion in Libya, oil prices rose to highs not seen since mid-2015, Reuters reports.
Brent crude prices hit $67.10 per barrel while WTI crude hit $60.01 on Tuesday, the news agency reports. They have since retreated from Tuesday’s highs.
The explosion in Libya is projected to cut production by 70,000 to 100,000 barrels per day (b/d) and indicates the continued challenges the war-torn country faces to revive its oil industry.
Crude prices have rallied by 17% this year following the implementation of a production-cut agreement in January by OPEC and a number of other oil producers, Business Insider reports.
In November, OPEC and its partners agreed to extend the production cuts until the end of 2018, Bloomberg reported at the time.