Consequences for global oil markets could be 'catastrophic' if Hormuz closure continues, Aramco chief says

There could be “catastrophic” consequences for the world’s oil markets the longer the disruption from the closure of the Strait of Hormuz goes on, the chief executive of Saudi Arabia’s state oil giant Aramco said on Tuesday in a media call after the company posted its 2025 results.

“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced,” Amin Nasser said.

Iran’s Revolutionary Guards said on Tuesday they would not allow “one litre of oil” to be shipped from the Middle East if US and Israeli attacks continue, prompting a warning from President Donald Trump that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.

Reuters