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Houthi missile and drone strikes have set fires along Saudi Arabia’s East-West oil pipeline and raised concerns that 3–4 million barrels per day (b/d) of Saudi exports could be at risk. Markets have already responded: ICE Brent traded around $105/b, while some Middle Eastern grades such as Murban and Oman reached about $120/b, and Saudi crude production fell to 6.24 million b/d in August.
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