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Aramco Chief Warns of 'Catastrophic' Hit to Oil Market if Strait of Hormuz Stays Closed
- Aramco CEO Amin Nasser warned that a prolonged closure of the Strait of Hormuz could cause catastrophic consequences for global oil markets and the wider economy including aviation and agriculture sectors.
- The Strait of Hormuz was closed by Iran's Revolutionary Guards on March 2, with threats to target ships attempting to pass through, escalating regional tensions.
- The conflict caused oil prices to surge significantly, impacted multiple industries, and prompted concerns about global inflation.
- US President Donald Trump warned of severe retaliation if oil flow through the Strait of Hormuz is stopped, describing the conflict as a short-term issue.
13 Articles
13 Articles
Saudi state oil company Saudi Aramco describes the current crisis as the largest in the region by far, the British newspaper The Guardian wrote. The company is able to redirect 70 percent of exports and pump oil stored in storage.
War in Iran would be ‘catastrophic’ for oil market, Saudi Arabia’s Aramco warns
The CEO of a major Saudi oil exporter said Tuesday the conflict in Iran could have "catastrophic consequences" for energy markets, as President Trump and Tehran officials engaged in a war of words over the Strait of Hormuz choke point.
Oil market to 'break in days' as Iran threatens global supply
The crude oil market is set to “break in days” analysts have warned as the war in the Middle East continues to upend the commodity’s global market. Analysts at investment bank Macquarie have said the ongoing tensions around the Strait of Hormuz could push the price of Brent crude – the international benchmark for oil prices – to “$150 or higher”. “The timeline for an extremely large oil price move is very short,” they said, adding that a few wee…
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