Recent attacks on Saudi oil facilities have led to a significant reduction in the kingdom's production capacity, with estimates indicating a loss of around 600,000 barrels per day. The situation is compounded by a near standstill in tanker traffic through the Strait of Hormuz, which is crucial for oil and gas flows. Despite a two-week ceasefire brokered by Pakistan, fighting continues, and Iran's assertion of control over the strait raises further concerns about future supply disruptions. Analysts warn that if the current flow levels persist, Brent prices could soar to $190 per barrel.
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Saudi Oil Production Cut by 600,000 Barrels Amid Attacks
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Oil prices have risen slightly amid ongoing concerns over supply disruptions from Saudi Arabia, with Brent crude at $96.50 per barrel. A fragile ceasefire between the U.S. and Iran has not eased tensions, as tanker traffic through the Strait of Hormuz remains critically low, impacting global oil supply.
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