Oil prices soar over attacks on Saudi facilities

Oil prices soar on Friday, April 10, 2026, driven by fresh anxiety over supplies from Saudi ‌Arabia.

Prices were still headed for a loss as nerves eased over a fragile two-week ceasefire between the United States and Iran, while Israel signalled a potential diplomatic opening, saying it was ready to begin direct ​talks with Lebanon as soon as possible.

Brent crude futures added 96 cents, or 1%, to $96.88 a barrel as ​of 0604 GMT, while West Texas Intermediate futures were up 78 cents, 0.80%, at $98.65 a barrel.

For this ⁠week, both contracts have so far lost about 11%, the biggest weekly decline since June 2025 when the previous ​Israeli-U.S. strikes on Iran were halted.

Attacks on Saudi energy facilities have cut the kingdom’s oil production capacity by around 600,000 barrels per ​day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the Ministry of Energy.

ANZ analysts said in a Friday note that concerns of further oil supply disruptions were heightened after the report.

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Ship traffic ​through the Strait of Hormuz stood at well below 10% of normal volumes on Thursday despite the ceasefire as Iran asserted its ​control by warning ships to keep to its territorial waters while doing so.

Iran and the U.S. agreed on Tuesday to a two-week ceasefire brokered by ‌Pakistan, ⁠but fighting was still taking place following the announcement.

Analysts say Pakistan will try to push for a more durable peace agreement but may lack the leverage needed to compel the reopening of the strategic waterway.

Iran wants to charge fees for ships passing through the strait under a peace deal, a Tehran official told Reuters on April 7. Western leaders and the U.N.’s shipping agency have ​pushed back on the idea.