Saudi Arabia has been hit at one of the most critical points in its oil export chain.
🔥 Fresh strikes on Saudi energy infrastructure have knocked out around 600,000 barrels per day of crude production capacity, while throughput on the East-West Pipeline has dropped by about 700,000 barrels per day.
⛽ What makes this more sensitive for the market is the timing. The attack came just hours after the two-week ceasefire announcement, while the East-West Pipeline was already serving as Saudi Arabia’s key crude export route with Hormuz still near a standstill.
📈 Brent settled at $95.92 per barrel on April 9 and moved up again in early April 10 UTC trading. The key issue is not only lost production, but a double shock to both supply and logistics, which keeps the oil market highly reactive in the short term.