Brent crude prices reached pre-pandemic levels of above $70/bbl in the middle of May as investors remained hopeful that oil demand would greatly increase later this year.

GBP hit its second highest level since April 2018 of 1.42 against USD in May, as the UK eased restrictions on household mixing, indoor hospitality and international travel.

The US Colonial Pipeline, which carries 2.5mb/d and supplies 45% of the East Coast’s diesel, was hit by a cyberattack that forced the pipeline operator to close operations.