US oil prices hit 2-year high; Harvey forces refineries to shut down

Singapore

GASOLINE prices jump to two-year highs on Monday as massive floods caused by Hurricane Harvey forced refineries across the US Gulf Coast to shut down.

The storm came over the weekend as the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries.