Oil prices up after Saudi capacity cut, but head for weekly loss

Oil prices rose for a second day after attacks on Saudi Arabia cut production capacity by about 600,000 barrels per day. However, prices are still on track for an 11% weekly loss following the US-Iran ceasefire announcement. The Strait of Hormuz remains mostly closed, disrupting global supplies, but analysts believe the worst of the supply shock may be over. https://www.thenationalnews.com/business/energy/2026/04/10/oil-prices-rise-after-drop-in-saudi-production-capacity-but-remain-on-track-for-weekly-loss/