Gasoline prices may reach USD 3 per gallon, their highest in seven years, off of a supply crisis following the cyberattack on the US’ Colonial Pipeline on Friday that forced the pipeline’s closure, Bloomberg reports. Oil traders are scrambling to find alternatives to the pipeline — which delivers 45% of the East Coast’s fuel supply — turning to ships for delivery and tankers for short-term storage. The crisis could cause a spike in fuel prices and overall inflation just as demand in the US economy is beginning to recover, and could spur “domestic policy interventions” if prices continue climbing, said ClearView Energy Partners in a research note.

The EGX30 rose 0.5% yesterday on turnover of EGP 776 mn (38% below the 90-day average). Foreign investors were net sellers. The index is down 1.9% YTD.

In the green: Oriental Weavers (+4.4%), Ibnsina Pharma (+2.9%) and ElSewedy Electric (+2.6%).

In the red: Cleopatra Hospital (-2.0%), Orascom Investment (-1.8%) and GB Auto (-1.8%).

It’s shaping up to be a good day for global markets: Asian shares are largely in the green (Shanghai is the sole exception), while futures suggest major indices in Europe, Wall Street and Bay Street should open in the green later today.