U.S. oil prices surged above $60 a barrel Tuesday for the first time since December as geopolitical events rattled the market. Prices gained on news that protesters in Libya had blocked a key port, interrupting more than 100,000 barrels a day of crude production. Growing Libyan production was a key factor behind the oil market’s plunge of more than 40% in 2014, but the country’s output remains volatile due to unrest. Later in the day, prices rose further as Saudi Arabia raised the official prices for its crude in the U.S. and Europe, suggesting an increase in demand. Tuesday’s jump extends the strong rally in oil prices, which gained 25% in April. Investors expect the global glut of crude to shrink in the second half of the year due to a sharp drop in drilling activity, an increase in demand and an anticipated decline in U.S. crude production. The […]