New Delhi, April 10 -- 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.

Saudi Arabia's energy ministry on Thursday said the strikes have reduced the kingdom's oil production capacity by about 600,000 barrels per day (bpd) and cut flows through its East-West pipeline by roughly 700,000 bpd.

A surge in prices, however, was capped as investors await ceasefire talks between the US and Iran.

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. It has a capaci...