Global Oil Prices Rise Again as Attacks on Saudi Arabia Disrupt Supplies

Global oil prices strengthened again today, continuing the rise for the second consecutive day after attacks on energy infrastructure pressured Saudi Arabia’s production capacity. Citing Bloomberg on Friday (10/4/2026), Brent crude prices rose towards $97 per barrel after gaining 1.2 per cent in Thursday’s trading. Meanwhile, West Texas Intermediate (WTI) crude prices hovered around $99 per barrel. This came after the United States (US) and Iran announced a ceasefire earlier in the week. Previously, Saudi Arabia’s official news agency reported that the kingdom’s oil production capacity had fallen by around 600,000 barrels per day due to attacks on energy facilities. According to Bloomberg calculations, this figure equates to about 10 per cent of Saudi Arabia’s normal crude oil exports. Additionally, attacks on pumping stations serving the East-West pipeline, a vital export route through the Red Sea, caused a drop in flows of up to 700,000 barrels per day over the past week. In the same region, Kuwait reported successfully intercepting a drone attack, although several vital facilities were said to have been targeted. BloombergNEF global oil analyst Mohith Velamala said the reduction in East-West pipeline capacity weakens Saudi Arabia’s strategy to bypass the Strait of Hormuz. “This underscores the still-high supply risks and complicates the availability of crude oil in Asia,” he stated. Japan, for instance, will release oil reserves equivalent to 20 days of consumption in May, according to Prime Minister Sanae Takaichi. Meanwhile, the United States is also offering up to 30 million barrels of oil from its strategic reserves through an exchange scheme to dampen rising energy costs due to supply disruptions from the Middle East.