Colonial Pipeline, which delivers about 45% of the fuel consumed on the East Coast, halted operations last week after revealing a ransomware attack that it said had affected some of its systems. The Colonial attack was a potent reminder of the real-world implications of the burgeoning threat. Administration officials stressed that the company proactively took some of its systems offline, as opposed to hackers doing it, and that its operating systems were spared. Futures for crude and fuel, prices that traders pay for contracts for delivery in the future, typically begin to rise anyway each year as the driving season approaches. The attack on the Colonial Pipeline could exacerbate the upward pressure on prices if it is unresolved for a period of time.

Source: ABC News May 10, 2021 13:21 UTC