Crude rises 1% as Saudi output hit, markets eye US-Iran talks
Global oil prices traded nearly 1% higher on Friday morning after attacks on Saudi Arabia’s East-West pipeline and crude-producing facilities dented output and supply capacity.
Saudi Arabia’s energy ministry on Thursday said the strikes have reduced the kingdom’s oil production capacity by about 600,000 barrels per day (bpd) and cut flows through its East-West pipeline by roughly 700,000 bpd.
