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. A surge in prices, however, was capped as investors await ceasefire talks between the US and Iran. Strategic bypass The East-West Pipeline is a 1,200-kilometre-long, dual-pipe system in Saudi Arabia that carries crude oil from the Eastern Province to the Red Sea port of Yanbu, allowing exports to bypass the Straits of Hormuz. The development gains significance for India, as the pipeline was among the planned alternative routes for sourcing crude from Saudi Arabia via the Red Sea. The Indian crude basket has also eased after global prices fell following the ceasefire announcement.

Source: Mint April 10, 2026 03:33 UTC